US industrial production climbed 0.3 percent in September

WASHINGTON — U.S. industry expanded again in September despite the impact of Hurricane Florence.

The Federal Reserve said Tuesday that industrial production, which includes output at factories, mines and utilities, rose 0.3 percent last month. It was the fourth straight increase. The Fed said that Florence reduced September output growth by less than 0.1 percentage points.

Over the past year, industrial production rose 5.1 percent.

The increase was slightly higher than economists had expected and offered more evidence that the U.S. economy is in good health. Overall economic growth reached 4.2 percent from April through June, fastest in nearly four years. The U.S. unemployment rate has dropped to 3.7 percent, lowest since 1969.

Led by autos and wood products, factory production rose 0.2 percent in September, slowest growth since a drop in May. Manufacturers are contending with a strengthening dollar that makes their products more expensive in foreign markets.

Mining production rose 0.5 percent, eight straight increase. Mining output, which includes oil and gas producers, has surged 24 percent since 2016 as oil prices rebounded from a slump and is up 13.4 percent over the past year

Utility output was flat last month and is up 5.4 percent since September 2017.

Must Read

Asian stocks drift pending fresh news; oil takes a breather

Aug 16, 2016

Asian stock markets drifted sideways on Tuesday as the price of oil took a breather from a three-day rally

Global stocks drift lower as investors await US data

Aug 16, 2016

Shares were lower across global markets on Tuesday in sluggish trading, while oil prices resumed gains

Asian stocks mostly higher after Wall Street decline

Aug 17, 2016

Asian stock markets were mostly higher Wednesday after Wall Street declined

Search

Obserworld delivers the most accurate and up-to-date world news for the global audience with a thorough research and in-depth interviews. Discover the world through Obserworld.

Contact us: sales[at]obserworld.com