Industrial Production Declined 0.3% in October

Washington, DC, November 15, 2024-Industrial production (IP) decreased 0.3% in October after declining 0.5% in September, according to the Federal Reserve. 

A strike at a major producer of civilian aircraft held down total IP growth by an estimated 0.3 percentage point in September and 0.2 percentage point in October. Hurricane Milton and the lingering effects of Hurricane Helene together reduced October IP growth 0.1 percentage point. In October, manufacturing output moved down 0.5%, the index for mining rose 0.3%, and the index for utilities gained 0.7%. At 102.3% of its 2017 average, total IP in October was 0.3% below its year-earlier level. Capacity utilization moved down to 77.1% in October, a rate that is 2.6 percentage points below its long-run (1972–2023) average.