Industrial production rebounded in October, reflecting a recovery from the impact of Hurricane Ida that hit the United States in August.
- Industrial production rebounded by 1.6% during the month after the contraction reported the previous month. The total index stood at 101.6, higher than the 100.00 in September, with about half of the gain reflecting a recovery from the effects of Hurricane Ida.
- Manufacturing output jumped 1.2% in October, excluding a large gain in the production of motor vehicles and parts, factory output moved up 0.6%. This includes a 1.2% increase in utilities, and a 4.1% growth in mining output.
- Total industrial production in the month was 5.1% above the levels recorded the previous year, and the highest reading December 2019. The industrial sector saw capacity utilization increase by 1.2 percentage points to 76.4%.
- All major market groups recorded growth in October, with the biggest increases for materials, consumer goods, and defense and space equipment.
The increase in durable materials includes contributions from motor vehicle parts, while chemical and energy facilities reopened after Hurricane Ida.
Source: US Census