Factory output matched its largest one-month decline since June.
U.S. industrial production declined by 0.6% in October vs. September, according to the Federal Reserve’s Industrial Production and Capacity Utilization report, issued Nov. 16. Manufacturing output fell 0.7%, matching its biggest one-month decline since June.
The Fed said much of the October decline was driven by a 10% drop in the output of motor vehicles and parts that stemmed from the United Auto Workers’ union’s six-week strike at the nation’s three largest automotive makers. Excluding those categories, manufacturing output ticked up 0.1% from September.
The report’s index for utilities decreased 1.6% month-to-month, and the output of mines increased 0.4%.
Meanwhile, industrial capacity utilization moved won 0.6 percentage points to 78.9% in October — a rate that is 0.8 points below its long-run (1972-2022) average.
Year-over-year, total October industrial production was down 0.7%.
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Mike Hockett
Mike Hockett is MDM’s executive editor, having joined the publication in March 2022. He oversees MDM’s editorial content and direction, coordinates with contributing authors, conducts interviews with executives in the wholesale distribution space and serves as the editorial face of MDM at industry events. He has extensively covered the distribution and manufacturing sectors since 2014. Hockett earned a degree in print journalism from the University of Wisconsin-Eau Claire and works from his home in Madison, Wisconsin. He can be contacted at mike@mdm.com.
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