U.S. Industrial Production Rises In Line With Estimates In September
October 16 2018 - 4:55AM
RTTF2
Industrial production in the U.S. increased in line with
economist estimates in the month of September, according to a
report released by the Federal Reserve on Tuesday.
The report said industrial production rose by 0.3 percent in
September after climbing by 0.4 percent in August. The continued
increase in production matched expectations.
The Fed said output growth in September was held down slightly
by Hurricane Florence but noted the estimated negative effect was
less than 0.1 percentage points.
Production growth in September was partly due to the fourth
consecutive monthly increase in manufacturing output, which edged
up by 0.2 percent after rising by 0.3 for two straight months.
Michael Pearce, Senior U.S. Economist at Capital Economics, said
the continued increase in manufacturing output suggests tariffs are
helping to boost domestic production.
"But with the appreciation of the dollar and slowdown in global
growth set to weigh on the sector more heavily in the months ahead,
growth in manufacturing output still looks set to weaken," Pearce
said.
Mining output also climbed by 0.5 percent in September after
rising by 0.4 percent in August, while utilities output was
unchanged after jumping by 1.1 percent in the previous month.
The report also said capacity utilization for the industrial
sector came in at 78.1 percent in September, unchanged from August.
Capacity utilization had been expected to tick up to 78.2
percent.
While capacity utilization in the manufacturing sector inched up
to 75.9 percent, capacity utilization in the mining and utilities
sectors edged down to 92.1 percent and 77.7 percent,
respectively.
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