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U.S. Industrial Production Inches Up 0.1% in October

A newly released report from the Federal Reserve shows U.S. industrial production increased 0.1% in October after having averaged monthly gains of about 0.9% over the previous three months. The leading sectors were primary metals, which jumped 3.5%, and machinery output, which edged up 0.2%.

In terms of market groups, the U.S. industrial production report showed a drop of 2% in the output of automotive products. Assemblies of light motor vehicles edged down to an annual rate of 6.8 million units in October after having climbed from 4.1 million units in June to 7.1 million units in September. Meanwhile, production of defense and space equipment declined 0.2% after three months of gains of more than 1%.

Among nonindustrial supplies, the production of construction supplies fell 1.2% in October after a similarly sized decrease in September. The output of business supplies rose 0.1%, while the production of materials moved up 0.3%.

Decreases of more than 1–1.5% were recorded for nonmetallic mineral products, for motor vehicles and parts, and for furniture and related products. Wood products, fabricated metals, computer and electronic products, electrical equipment, appliances, and components, and aerospace and miscellaneous transportation equipment all registered declines of less than 1.0%.

The production of nondurable goods, which expanded 0.2%, included gains of more than 1% in the indexes for textile and product mills and for paper. Smaller increases were registered in the output of chemicals and of food, beverage, and tobacco products. The indexes for apparel and leather, for printing and support, and for petroleum and coal products declined. The production of plastics and rubber products was unchanged.

The output of mines dropped 0.2% in October after three months of increases, and the capacity utilization rate for mining fell 0.1 percentage point to 83.5%. The output of utilities increased 1.6%, and the operating rate for utilities advanced 1.1 percentage points to 79%. Both electric and natural gas utilities posted output gains of more than 1.0 %.

The full report is available from the Federal Reserve.

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