US industrial production falls as strikes, hurricanes hit output
By Benjamin Chiou
Date: Thursday 17 Oct 2024
(Sharecast News) - Industrial production in the US retreated in September, falling more than expected, according to data from the Federal Reserve on Thursday.
Industrial production fell by 0.3% during the month after a 0.3% gain in August. The consensus estimate was for a fall of just 0.2%.
The Fed said that strikes at a "major producer of civilian aircraft" - ie Boeing - had a 0.3% negative impact on overall production, as the production of aerospace equipment sank 8.3%.
Meanwhile hurricanes Francine and Helene had a further 0.3% negative impact.
Breaking the data down into major industry groups, manufacturing output declined 0.4% in September while the index for mining fell 0.6%, but the utilities index increased 0.6% - growing for the first time in three months.
For the third quarter as a whole, US industrial production was 0.6% lower than last year.
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