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US industrial production recovers

Posted by: Admin | Posted on: November 17th, 2017 | 0 Comments

Industrial production jumped 0.9%, surpassing expectations of a 1.5% rise, while manufacturing increased 1.3%, according to the US Federal Reserve.

Despite the recovery, mining output was the outlier, dropping 1.3% in October, with the reserve noting that Hurricane Nate had caused a sharp, but short-lived decline in oil and gas drilling and extraction.

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It added that the mining output decline had “reflected reductions in all of its major components”.

The reserve said total industrial production rose 2.9% over the past 12 months, with output in October at 106.1% of its 2012 average. Mining production for the month was at 108.9% of its 2012 average.

Capacity utilisation for the entire industrial sector was 77%, 2.9 percentage points below its long-run average from 1972-2016. For mining, capacity utilisation was 82.4% in October, 4.6 percentage points below the long-run average.

“With modest upward revisions for July through September, industrial production is now estimated to have only edged down 0.3% at an annual rate in the third quarter (September quarter); the previously published estimate showed a decrease of 1.5%,” the reserve said.  

The Dow Jones Industrial Average index rose 171.41 points or 0.7% to 23,442.69 after the news.


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