Friday, January 31, 2025
21.0°F

US industrial production jumps 1.1% in October

Matt Ott | Hagadone News Network | UPDATED 4 years, 2 months AGO
by Matt Ott
| November 17, 2020 7:03 AM

SILVER SPRING, Md. (AP) — U.S. industrial production rose 1.1% in October, recovering much of the spring decline caused by the virus pandemic.

It was a rebound after a downturn in September, but production still remains below pre-pandemic levels, the Federal Reserve reported Tuesday. The rise was slightly better than the 1% analysts were expecting and combined with an upward revision in September's number, has to be seen as good news as coronavirus cases spike across the U.S. and states re-instate restrictions.

It's unclear what manufacturers will face in the coming months, but a sudden decline in demand, possibly combined with government-imposed restrictions on their operations due to the virus, could severely dampen industrial output.

A key category that reflects manufacturing output rose 1%, but is still about 5% below its level in February before the coronavirus outbreak swept through the U.S., closing businesses, factories and schools.

In October, industry operated at 72.8% of capacity, down from a reading of 77% of capacity a year ago.

Utilities' output rose 3.9 percent, but output at mines fell 0.6 percent and is now 14.4 percent below where it was this time last year.

September's number was revised upward from -0.6% to -0.4%. It remains the only decline since April's 12.7% drop.

MORE IMPORTED STORIES

Industrial production up 1.1% in October, but still lagging
Columbia Basin Herald | Updated 4 years, 2 months ago
Industrial production up 1.1% in October, but still lagging
Columbia Basin Herald | Updated 4 years, 2 months ago
US industrial production fell a sharp 0.6% in September
Columbia Basin Herald | Updated 4 years, 3 months ago

ARTICLES BY MATT OTT

New US home construction dips again in February
March 18, 2020 10 a.m.

New US home construction dips again in February

WASHINGTON (AP) — Construction of new homes fell again in February, but not as much as the previous month. Those declines follow a December surge which had pushed home construction to the highest level in 13 years.

US services companies grow in February
March 4, 2020 11:08 a.m.

US services companies grow in February

WASHINGTON (AP) — Services companies grew at a faster pace in February than the previous month, an indication that the economy was still expanding immediately after the first cases of the coronavirus were reported in the U.S.

January 8, 2021 12:03 a.m.

US services sector grows for seventh consecutive month

SILVER SPRING, Md. (AP) — The U.S. services sector, where most Americans work, grew for the seventh consecutive month in December even as coronavirus cases surged through the holidays.