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US September Industrial Production Beats Expectations

Oct. 17, 2023
The September industrial production figure was above the median expectation of economists surveyed by MarketWatch.

U.S. industrial production rose more than expected in September, the Federal Reserve said Tuesday, while sharply revising data for previous months.

Overall industrial production rose 0.3% month-on-month, up from a revised 0.0% a month earlier, the U.S. central bank announced in a statement.

Manufacturing output rose in September, as did the mining index, while the index for utilities fell, the Fed said.

The September industrial production figure was above the median expectation of economists surveyed by MarketWatch.

However, sharp revisions to data from the summer months meant the industrial production index was only marginally above the level published last month.

"In short, overall industrial production and manufacturing output rose more than expected in September," High Frequency Economics Chief U.S. Economist Rubeela Farooqi wrote in a note to clients.

But she said, "higher borrowing costs and weaker demand for goods are headwinds for manufacturing."

Among the major market groups, the index for consumer durables rose 1.2% "amid widespread increases in its components," the Fed said.

Most other major market groups also recorded gains.

Earlier Tuesday, retail sales data came in stronger than expected, supported partly by sales in the auto sector and at gasoline stations.

Copyright 2023, Agence France-Presse

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