A report published by the Federal Reserve on Thursday indicated that industrial production in the U.S. experienced a decline greater than anticipated for the month of September.
The Fed reported that industrial production fell by 0.3 percent in September, following a revised decrease of 0.3 percent in August.
Economists had predicted a decline of 0.2 percent in industrial production, down from the initially reported 0.8 percent increase for the prior month.
This slightly larger than expected drop in industrial production was partly due to a strike at Boeing (BA) and the impacts of Hurricanes Helene and Milton.
The report indicated that manufacturing output decreased by 0.4 percent in September, after a 0.5 percent rise in August.
Mining output also fell by 0.6 percent in September, down from a 0.7 percent gain in August, while utility output rose by 0.7 percent in September after a significant drop of 1.3 percent in August.
The Fed also noted that capacity utilization in the industrial sector declined to 77.5 percent in September, down from a revised figure of 77.8 percent in August.
Economists had forecasted that capacity utilization would slightly decrease to 77.8 percent from the 78.0 percent previously reported for the last month.
Capacity utilization in the manufacturing and mining sectors dropped to 76.7 percent and 88.7 percent, respectively, while the utilities sector saw a slight increase to 71.2 percent.
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