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US industrial production declines 0.2% in October

by ChemOrbis Editorial Team -
  • 18/11/2015 (16:57)
According to data released by the US Federal Reserve, industrial production in the US edged down 0.2% in October compared with the previous month. The country’s October industrial output also fell below economists’ initial expectations which called for a steady trend in a survey conducted by the Wall Street Journal. The decrease was attributed to lower oil drilling and extraction activities stemming from plunging crude oil prices.

Manufacturing output, however, climbed 0.4% while production of automotive parts rose 0.8% from a month earlier. However, utilities output fell 2.5% in October due to a decrease in output from electric utilities.

The report also showed that US industrial capacity utilization fell 0.2% to 77.5% in October from a revised rate of 77.7% in September in line with economists’ forecast which called for a capacity utilization of 77.5%.
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