Industrial production increased 0.3% in September, according to the Federal Reserve. August’s reading was revised downward to remain unchanged and July’s reading was revised upward to a 1.0%, while the readings for previous months remained largely unchanged. Total industrial production in September was 0.1% above its year-ago level. Capacity utilization increased 0.2 percentage points (pp) to 79.7%, in line with its long run (1972-2022) average.
Manufacturing output rose 0.4% in September following a downward revision to -0.1% in August and is 0.8% below September 2022 levels. The change was largely driven by gains in wood products (2.4%), primary metals (1.5%), and plastics and rubber products (1.7%), while there was a 1.3% decrease in apparel and leather and a 2.4% decrease in printing and support. Production of durable goods increased 0.4% while nondurables goods production increased 0.3%. Capacity utilization for manufacturing increased to 77.8%, up 0.1 pp from August but 0.4 pp below its long-run average.
Mining output increased 0.4%, following a 0.2% increase in August. The index in September was 3.4% higher than its year-earlier level.
Utilities decreased 0.3%, following a 0.7% increase in August. The index in September was 2% above its year-ago level.
Read the Fed release.
