Industrial Production Increased by 1.1% in October
Washington, DC, November 17, 2020-Industrial production rose 1.1% in October, according to the Federal Reserve.
The index has recovered much of its 16.5% decline from February to April, but output in October was still 5.6% lower than its pre-pandemic February level.
After edging up 0.1% in September, manufacturing output increased 1.0% in October.
The output of utilities rose 3.9%, while the output at mines declined 0.6% to a level that was 14.4% below its year-earlier reading.
At 103.2% of its 2012 average, total industrial production was 5.3% lower in October than it was a year earlier. Capacity utilization for the industrial sector increased 0.8 percentage point in October to 72.8%, a rate that is 7.0 percentage points below its long-run (1972–2019) average but 8.6 percentage points above its low in April.