US industrial production rebounded 1.6% in October
U.S. industrial production rebounded in October as auto production, which has been hurt by supply chain problems, posted a strong increase and the adverse effects from Hurricane Ida faded
U.S. industrial production rebounded in October as automakers, stung by supply chain problems, posted a strong increase and the adverse effects from Hurricane Ida faded.
Industrial production rose 1.6% last month after a 1.3% plunge in September, the Federal Reserve reported Tuesday.
The September weakness reflected severe shortages of semiconductor chips that contributed to a fall in auto production and the lingering impacts of Hurricane Ida which disrupted oil and gas production along the Gulf Coast
In the major industry groups, manufacturing activity rose 1.2% while mining, which includes oil and gas production, surged 4.1% and output at the nation's utilities was up 1.2%.
The overall 1.6% increase in industrial output was better than economists had been expecting.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.