Industrial Production Declined 0.3% in September

Washington, DC, October 17, 2024-Industrial production (IP) decreased 0.3% in September after advancing 0.3% in August, according to the Federal Reserve. 

A strike at a major producer of civilian aircraft held down total IP growth by an estimated 0.3% in September, and the effects of two hurricanes subtracted an estimated 0.3%. 

For the third quarter as a whole, industrial production declined at an annual rate of 0.6%. Manufacturing output moved down 0.4% in September, and the index for mining fell 0.6%. The index for utilities gained 0.7%. 

At 102.6% of its 2017 average, total industrial production in September was 0.6% below its year-earlier level. Capacity utilization edged down to 77.5% in September, a rate that is 2.2 percentage points below its long-run (1972–2023) average.