Monday, November 17, 2014

Industrial Production Dipped in October

Industrial Production declined 0.1% in October, after advancing 0.8% in September. At 104.9 percent of its 2007 average, total industrial production in October was 4.0% above its level of a year earlier, however 40 basis points lower than the September year-over-year growth rate. The growth rate for the first three quarters of 2014 was 3.3%, down after growing 3.9% in the first quarter and 5.7% in the first two quarters.

The capacity utilization rate for the total industry declined 0.3 percentage points in October to 78.9%. The capacity utilization rate for manufacturing edged down 0.1 percentage point to 77.2%, a rate 1.5 percentage points below its long-run average.

Mining had the largest decline, falling 0.9%, followed by a 0.7% decline in utilities. Manufacturing output rose 0.2%, as the production of nondurable goods rose 0.3% and the production of durable goods edged up 0.1%.

Both materials and consumer goods declined 0.2%, partially offset by construction and business equipment, which rose 0.2% and 0.6%, respectively.

Read the Federal Reserve release.

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