Industrial production in the U.S. increased marginally in October, falling short of expectations, according to a report released by the Federal Reserve on Friday.
The report said industrial output was up 0.1 percent in October, after increasing by a revised 0.2 percent in September. Economists had expected industrial output to increase by 0.3 percent in the month.
Higher manufacturing output outweighed declines in other sectors, the report from the Federal Reserve said.
Mining output declined by 0.3 percent in October, after having declind by a revised 0.1 percent in September.
Utilities output dropped by 0.5 percent in October, after falling by a revised 0.1 percent in September.
The report said the lower level of production in September and October was due to hurricanes, although their impact was less than 0.1 percent per month.
However, as a result of upward revisions primarily in mining, the overall index is has now advanced at an annual rate of 4.7 percent in the third quarter, appreciably above the gain of 3.3 percent reported earlier, the report said.
According to the report, capacity utilization for manufacturing edged up in October to 76.2 percent, but it was down 2.1 percentage points below its long-run average.
As for mining, the utilization rate wss down to 92.7 percent, although it was still above the long-run average of 87.0 percent.
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