U.S. Industrial Production Rebounded 1.6% in October
U.S. industrial production rebounded in October as automakers, stung by supply chain problems, posted a strong increase and the adverse effects from Hurricane Ida faded.
Industrial production rose 1.6% last month after a 1.3% plunge in September, the Federal Reserve reported Tuesday.
The September weakness reflected severe shortages of semiconductor chips that contributed to a fall in auto production and the lingering impacts of Hurricane Ida which disrupted oil and gas production along the Gulf Coast.
In the major industry groups, manufacturing activity rose 1.2% while mining, which includes oil and gas production, surged 4.1% and output at the nation’s utilities was up 1.2%.
The overall 1.6% increase in industrial output was better than economists had been expecting.
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