[ad_1]
U.S. industrial production declined in September due to factors such as a strike at Boeing and the impact of hurricanes. The Federal Reserve reported a 0.3% decrease in industrial output last month, following a revised 0.3% increase in August. This was slightly worse than the 0.2% decline forecasted by economists. The Boeing strike and hurricanes were estimated to have had a combined 0.6% negative effect on industrial production.
Factory output fell by 0.4% in September, with manufacturing showing a year-on-year decline of 0.5%. The overall industrial production dropped by 0.6% year-on-year. The U.S. Central bank‘s recent interest rate cuts have yet to significantly impact the manufacturing sector, which accounts for 10.3% of the economy.
Within manufacturing, motor vehicle and parts production decreased by 1.5%, while aerospace and miscellaneous transportation equipment output plummeted by 8.3%. Durable manufacturing production saw a 1.0% decline, while nondurable manufacturing production increased by 0.2%. Mining output fell by 0.6% in September, and utilities production rebounded by 0.7%.
Capacity utilization for the industrial sector dipped to 77.5% in September, below the long-run average. The operating rate for the manufacturing sector also decreased to 76.7%. Despite the recent interest rate cuts by the Federal Reserve, the manufacturing sector continues to face challenges that may take time to overcome.
[ad_2]
SOURCE
Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.