Keeping you up to date on the latest data releases.
Industrial production was virtually flat (up just 0.1 percent at an annualized rate) in October. September’s decrease of 1.9 percent was upwardly revised from a 2.6 percent decline. In October, a 6.6 percent annualized gain in manufacturing was offset by a 34.1 percent decline in utilities output and a slight tick down in mining (down −0.9 percent). The overall gain in manufacturing was driven by a 10.7 percent jump up in durables manufacturing, while nondurables production rose 2.7 percent. On a year-over-year basis, manufacturing production is up 6.1 percent, though over the past three months the series is trending a little lower, at an annualized rate of 2.6 percent. Overall capacity utilization was flat at 74.8 percent in October, though the factory operating rate increased from 72.3 percent to 72.7 percent during the month (its highest level since August 2008).