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U.S. factory production expanded in October for a fifth straight month, the longest streak since 2011 and indicating a solid start to the fourth quarter, Federal Reserve data shows.
Manufacturing output rose 0.3 percent after an upwardly revised 0.3 percent gain in the prior month. Economists had projected a median increase of 0.2 percent. Total industrial production, which also includes mining and utilities, increased a below-forecast 0.1 percent, reflecting declines in those sectors.
What Economists Say
Industrial production in October was held back by softness in mining and utilities. Yet the manufacturing sector — by far the largest component of the headline index — continued to exhibit solid growth, a sign that trade tensions have not affected demand for industrial goods. —Tim Mahedy and Yelena Shulyatyeva, Bloomberg Economics
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