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Thursday, October 22, 2020

US Industrial Production Fell A Sharp 0.6% In September

WASHINGTON: U.S. industrial production fell 0.6% in September, the weakest showing since industrial output tumbled in the spring when the economy was slowed by widespread lockdowns resulting from the coronavirus.

The Federal Reserve reported Friday that industrial production suffered its first decline since a 12.7% drop in April during the spring lockdowns.

The key category that reflects manufacturing output fell 0.3%. At the same time, mining output, which includes oil and gas exploration, fell 5.6%. Production at the nations utilities was up 1.7%.

Last month’s reading on industrial production was far below the gains that began in May after sharp declines in March and April.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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