Industrial production declined 0.6% in October, primarily attributed to a 10% drop in motor vehicle and parts manufacturing caused by the UAW’s strike, according to the Federal Reserve’s Industrial Production and Capacity Utilization report.
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Manufacturing output fell 0.7% in October, the index for mining moved up 0.4%, and the index for utilities decreased 1.6%. Factory output was 1.7% below its year-earlier level, as the index for durable manufacturing was also down by 1.3%.
Total capacity utilization moved down 0.6 percentage point to 78.9% in October, a rate 0.8% below its long-run (1972–2022) average.
