Industrial production fell for the first time in five months in September, surprising economists who had expected more steady growth from the factory sector.
Industrial output fell 0.6% in September, the first decline after four straight months of gains, the Federal Reserve reported Friday.
The decline was well below Wall Street expectations of a 0.4% gain, according to a survey by MarketWatch.
Output remains 7.1% below its pre-pandemic level.
The declines were widespread in September. Manufacturing alone fell 0.3% after a 1.3% rise in August. Output of motor vehicles and parts fell 4% in the month.
Utilities output fell a sharp 5.6% in September after a 1% decline in the prior month.
Mining production rose 1.7% after a 2.4% fall in August.
Capacity utilization fell to 71.5% in July, the highest/lowest rate since June. The capacity utilization rate reflects the limits to operating the nation’s factories, mines and utilities
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