Factory Output Takes Biggest Increase in Three Months
Factory production rose by the most in three months in October, posting a 0.5% gain, the Federal Reserve said Tuesday.
Overall industrial production was flat, balanced by a 3.4% decline in utility output, the Fed said. Factory output had risen 0.1% in September.
Economists had forecast of a 0.3% increase in overall industrial production for October, Bloomberg reported.
The share of industrial capacity in use was unchanged at 74.8%, the Fed said.
Manufacturing accounts for about an eighth of the U.S. economy and the factory sector is one of trucking’s largest and most important customers.
