Keeping you up to date on the latest data releases.
- Industrial Production
Industrial production decreased 0.4 percent (nonannualized) in October, largely due to production interruptions from Hurricane Sandy. The initial estimates indicate that Hurricane Sandy was responsible for a 1.0 percentage point reduction in total production levels. Thus this slowdown in production is likely to be seen a temporary effect. However, production levels have been slowing from earlier in the year. The near term trend (three-month annualized growth) dropped to −5.2 percent as production continued to slow following a stronger first quarter. On a year-over-year basis, overall production is up only 1.8 percent, the series lowest increase since February 2010. Manufacturing production fell 0.9 percent in October while the three month annualized growth rate decreased −6.6 percent. Breaking down the manufacturing sector, durable and nondurable goods decreased 0.6 percent and 1.0 percent, respectively. Within durable goods manufacturing, Machinery and electrical equipment, appliances and components both posted declines greater than 1.0 percent in October. Mining output rose 1.5 percent, after having increased 1.5 percent in September. Overall capacity utilization fell 0.4 percentage points to 77.8 percent of capacity.