Updated: 15-Nov-24 09:38 ET
| October Industrial Production |
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| Updated: 15-Nov-24 09:38 ET |
Highlights
- Total industrial production decreased 0.3% month-over-month in October (Briefing.com consensus -0.3%) following a downwardly revised 0.5% decline (from -0.3%) in September.
- The capacity utilization rate fell to 77.1% (Briefing.com consensus 77.3%) from a downwardly revised 77.4% (from 77.5%) in September.
- Total industrial production declined 0.3% yr/yr while the capacity utilization rate was 2.6 percentage points below its long-run average.
Key Factors
- Manufacturing output declined 0.5% following an upwardly revised 0.3% decline (from -0.4%) in September, with the production of durable goods industries down 1.2%. Manufacturing capacity utilization dropped to 76.2% from an unrevised 76.7% in September.
- Mining production increased 0.3% following a 1.9% decline in September. Mining capacity utilization rose to 88.7% from 88.4% in September.
- The output of utilities increased 0.7% following a 0.3% increase in September. Utilities capacity utilization increased to 71.4% from 71.1% in September.
Big Picture
- The key takeaway from the report is that industrial production in October was pressured by two extraordinary factors, but even excluding those factors, it was still relatively weak in October. The Boeing strike held down total industrial production growth by an estimated 0.2 percentage point in October while Hurricane Milton and the lingering effects of Hurricane Helene reduced industrial production growth by 0.1 percentage point.
| Category | OCT | SEP | AUG | JUL | JUN |
| Industrial Production | |||||
| Total Index | -0.3% | -0.5% | 0.5% | -0.7% | 0.3% |
| Manufacturing | -0.5% | -0.3% | 0.6% | -0.6% | 0.0% |
| Utilities | 0.7% | 0.3% | -1.1% | -1.3% | 1.7% |
| Mining | 0.3% | -1.9% | 1.3% | -0.8% | 1.0% |
| Capacity Utilization | |||||
| Total Industry | 77.1% | 77.4% | 77.9% | 77.6% | 78.2% |
| Manufacturing | 76.2% | 76.7% | 77.0% | 76.7% | 77.2% |
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