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US industrial production declines in October

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US industrial production declines in October

0.2% decrease follows identical decline in September, misses expectations.

According to a report from the Federal Reserve, US industrial output fell 0.2% in October.  This follows a similar 0.2% drop in September.

Analysts had expected an increase of 0.1%.

Manufacturing output increased 0.4% during the month, with gains largely across the board.  Mining and utilities declined 1.5% and 2.5%, respectively.

The results muddy the waters somewhat in determining US growth in Q4 and beyond.  They also add to the somewhat confusing array of data driving the Fed’s decision on whether to raise interest rates in December.  Labor markets appear relatively strong, and the modest increase in CPI (0.2%) announced today suggests that inflation is picking up, albeit tentatively.  However, the decline in industrial production and a general consensus that the global economy is slowing may give pause to the Fed.

 

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