Industrial Production Rebounds in September

Industrial Production Rebounds in September

Industrial Production Rebounds in September

Industrial production in the USA rose as expected last month but amid downwards revisions to readings for previous months, especially in manufacturing.

USA industrial production rose a solid 0.3 per cent in September, but the increase was limited due to the lingering damage from Hurricanes Harvey and Irma. The reading was in line with economists' expectations.

Production of consumer goods and business equipment both bounced back afetr falling in August, rising by 0.5% and 0.8% on the month, respectively. The gained 19 points, or 0.08%, the slipped 2 points, or 0.09%, while the edged down 8 points, or 0.12%. A pair of major storms that swept through the region from Texas to Florida held down production by about 0.25 percentage points, the Federal Reserve said. The index in September was 1.0% higher than its year-earlier level.

Factory output improved 0.1 per cent, while the mining and utilities sectors rebounded from declines in August. Utility production rose 1.5%.

In September 2005, industrial production fell sharply after Hurricane Katrina devastated New Orleans, but it recovered in subsequent months.

Big picture: The economy was stunted briefly by hurricanes Irma and Harvey, but recent evidence suggests most of the damage has been undone.

The Fed's industrial output index does not reflect activity in US territories such as Puerto Rico and the US Virgin Islands and so September's results did not account for the affects of Hurricane Maria.

Meanwhile, the Labor Department said earlier this month that the USA shed 33,000 jobs in September, ending the longest stretch of job growth on record.

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