Updated: 03-Dec-25 09:44 ET
| September Industrial Production |
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| Updated: 03-Dec-25 09:44 ET |
Highlights
- Industrial production increased 0.1% month-over-month in September (Briefing.com consensus 0.1%) following a downwardly revised 0.3% decline (from 0.1%) in August.
- The capacity utilization rate was 75.9% (Briefing.com consensus 77.3%) following a downwardly revised 75.9% (from 77.4%) in August (note: annual revisions were released November 24).
- Total industrial production increased 1.6% yr/yr, while the capacity utilization rate was 3.6 percentage points below its long-run average.
Key Factors
- Manufacturing output was unchanged month-over-month following an unrevised 0.1% increase in August. Motor vehicle assemblies were down 3.4% month-over-month to a seasonally adjusted annual rate of 10.62 million units. Manufacturing capacity utilization dipped to 75.5% from 75.6%.
- Mining output was unchanged month-over-month following a 0.4% increase in August. Mining capacity utilization held steady at 85.4%.
- Utilities output increased 1.1% month-over-month following a 3.0% decline in August. Utilities capacity utilization increased to 69.9% from 69.4% in August.
Big Picture
- The key takeaway from the report is the downshift in the capacity utilization rate, which implies there is slack in the industrial sector that should translate into reduced inflation pressure.
| Category | SEP | AUG | JUL | JUN | MAY |
| Industrial Production | |||||
| Total Index | 0.1% | -0.3% | 0.2% | 0.4% | -0.1% |
| Manufacturing | 0.0% | 0.1% | 0.2% | 0.3% | -0.1% |
| Utilities | 1.1% | -3.0% | 0.5% | 1.5% | -1.0% |
| Mining | 0.0% | 0.4% | -0.1% | 0.6% | 0.5% |
| Capacity Utilization | |||||
| Total Industry | 75.9% | 75.9% | 76.2% | 76.1% | 75.9% |
| Manufacturing | 75.5% | 75.6% | 75.6% | 75.6% | 75.5% |
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