Executive Briefings

U.S. Manufacturing Output Rises As Impact From Hurricanes Fades

U.S. factory production rose last month for the first time since June, a sign the industry is starting to regain its footing after the damage from hurricanes Harvey and Irma, Federal Reserve data shows.

Factory output increased 0.1 percent (est. 0.2-percent gain) after falling 0.2 percent. Total industrial production, which also includes mines and utilities, rose 0.3 percent (matching est.) after a revised 0.7-percent drop.

Capacity utilization inched up to 76 percent (est. 76.2 percent) from 75.8 percent. However the combined effect of Harvey, Irma trimmed industrial production growth by 0.25 percentage point, the Federal Reserve said.

The report showed broad-based gains in consumer durables and non-durables, as well as business equipment and construction. Production of consumer goods rose 0.5 percent, and output of business equipment increased 0.8 percent.

For the third quarter, industrial production fell 1.5 percent at an annual rate, the Fed said. Without the impact of the hurricanes, the index would have climbed at least 0.5 percent.

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Factory output increased 0.1 percent (est. 0.2-percent gain) after falling 0.2 percent. Total industrial production, which also includes mines and utilities, rose 0.3 percent (matching est.) after a revised 0.7-percent drop.

Capacity utilization inched up to 76 percent (est. 76.2 percent) from 75.8 percent. However the combined effect of Harvey, Irma trimmed industrial production growth by 0.25 percentage point, the Federal Reserve said.

The report showed broad-based gains in consumer durables and non-durables, as well as business equipment and construction. Production of consumer goods rose 0.5 percent, and output of business equipment increased 0.8 percent.

For the third quarter, industrial production fell 1.5 percent at an annual rate, the Fed said. Without the impact of the hurricanes, the index would have climbed at least 0.5 percent.

Read Full Article