U.S. industrial production was affected in October by several factors, according to a statement from the Federal Reserve. The strike at Boeing contributed to a 0.3% decrease in IP during that month, following a 0.5% drop in September. Additionally, hurricanes Milton and Helene also impacted industrial production growth in October.
Year-over-year, industrial production in October fell by 0.3% compared to the previous year. Industrial capacity utilization stood at 77.1%, showing a three-tenths decrease from September, but with a 1.2 point increase compared to the previous year. However, this rate remains 2.6 percentage points below its long-term average.
By sectors, manufacturing production decreased by 0.5% in October, while the mining index increased by 0.3% and the utility services index grew by 0.7%. This data is analyzed by the Federal Reserve to make decisions regarding interest rates. As for the benchmark interest rate, it remains within a range of 4.5% to 4.75% following reductions announced in September and November.
Members of the Federal Open Market Committee are scheduled to hold another meeting on interest rates on December 17 and 18 of this year.
