Industrial Production Rose 1.6% in October
Washington, DC, November 16, 2021-Industrial production rose 1.6% in October after falling 1.3% in September; about half of the gain in October reflected a recovery from the effects of Hurricane Ida, according to the Federal Reserve.
Manufacturing output increased 1.2% in October; excluding a large gain in the production of motor vehicles and parts, factory output moved up 0.6%. The output of utilities rose 1.2%, and mining output stepped up 4.1%.
At 101.6% of its 2017 average, total industrial production in October was 5.1% above its year-earlier level and at its highest reading since December 2019. In October, capacity utilization for the industrial sector increased 1.2 percentage points to 76.4%; even so, it was still 3.2 percentage points below its long-run (1972–2020) average.