WASHINGTON — U.S. industrial production rebounded in October as automakers, stung by provide chain issues, posted a robust enhance and the antagonistic results from Hurricane Ida light.
Industrial production rose 1.6% final month after a 1.3% plunge in September, the Federal Reserve reported Tuesday.
The September weak spot mirrored extreme shortages of semiconductor chips that contributed to a fall in auto production and the lingering impacts of Hurricane Ida which disrupted oil and gasoline production alongside the Gulf Coast.
Within the main business teams, manufacturing exercise rose 1.2% whereas mining, which incorporates oil and gasoline production, surged 4.1% and output on the nation’s utilities was up 1.2%.
The general 1.6% enhance in industrial output was higher than economists had been anticipating.