After increasing 0.3% in August, industrial production fell 0.3% in September, according to the Federal Reserve. The total index was down 0.6% from September 2023.
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Manufacturing output decreased 0.4% in September and 0.5% from September 2023.
The Reserve board partially attributes the decline to the strike at a major producer of civilian aircraft, which held down growth by an estimated 0.3%, and the effects of two hurricanes, contributing an estimated decline of 0.3%.
Major market groups had mixed results: Durable goods decreased 0.7%, but the index for nondurables increased 0.5%. Business supplies gained in September while construction supplies fell. The output of business equipment declined 3.5% largely due to a 14.2% drop in the production of transit equipment due to the strike.
The index for mining decreased by 0.6%, while the index for utilities increased 0.7%.
Capacity utilization fell to 77.5%, a figure that is 2.2% below its long-run average.
