US industrial production fell more than expected in October
The United States Federal Reserve (Fed) announced industrial production and capacity utilization data for October.
Consequently, the country’s industrial production decreased by 0.6 percent in October compared to the previous month.
Market expectations were that industrial production would decline by 0.3 percent in this period. Industrial production rose 0.1 percent in September.
Manufacturing industry output also declined 0.7 percent month-on-month in October.
Market expectations were that manufacturing industry output would decline by 0.3 percent in this period. Manufacturing industry output rose 0.2 percent in September.
Most of the decline during this period was due to a 10 percent decline in motor vehicle and parts production due to strikes at some of the country’s major automakers.
The country’s capacity utilization rate decreased 0.6 points to 78.9 percent in the same period.
The capacity utilization rate, which was below market expectations, was expected to be 79.4 percent. The capacity utilization rate was recorded in September at 79.5 percent. (AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
