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U.S. Industrial Production Picks Up in October

November 17, 2011, 07:30 AM
Filed Under: Economy

The Federal Reserve reported industrial production expanded 0.7% in October after having declined 0.1% in September. Previously, industrial production was reported to have gained 0.2% in September.

Most of this revision resulted from lower estimated output for mining. Factory output increased 0.5% in October after having risen 0.3% in September. Production at mines climbed 2.3% in October, while the output of utilities edged down 0.1%. 

At 94.7% of its 2007 average, total industrial production for October was 3.9% above its year-earlier level. Capacity utilization for total industry stepped up to 77.8%, a rate 2.1% above its level from a year earlier but 2.6% below its long-run (1972--2010) average.

Manufacturing output increased 0.5% in October and was 4.1% above its year-earlier level. In October, the factory operating rate moved up to 75.4%, a rate 11.0% above its trough in June 2009 but still 3.6% below its long-run average.

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