October industrial production down 0.4%
Industrial production declined 0.4 percent in October after having increased 0.2 percent in September, the Fed reported today.
Hurricane Sandy, which held down production in the Northeast region at the end of October, is estimated to have reduced the rate of change in total output by nearly 1 percentage point. The largest estimated storm-related effects included reductions in the output of utilities, of chemicals, of food, of transportation equipment, and of computers and electronic products.
Manufacturing output declined 0.9 percent in October. Excluding the estimated effects of Hurricane Sandy, manufacturing output was little changed from its September level. Declines were widespread across both durable and nondurable goods industries. The factory operating rate slipped to 75.9 percent in October, a rate 2.9 percentage points below its long-run average.
The production of durable goods decreased 0.6 percent in October. Losses of more than 1 percent were recorded in the indexes for machinery and for electrical equipment, appliances, and components.
The index for nondurables dropped 1.0 percent in October and stood 0.5 percent below its year-earlier level. Sizable declines were recorded in October in the production of food, beverage, and tobacco products; apparel and leather products; paper; printing and support activities; and petroleum and coal products.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
