Industrial production in the United States increased 5.3%YoY in September, the most since April, accelerating from an upwardly revised 3.9% gain in August. Manufacturing output growth accelerated to 4.7% from 3.5% in August, due to a 6.0% jump in the production of durable manufacturing, led by motor vehicles and parts, fabricated metal products, machinery, and aerospace and miscellaneous transportation equipment. Also, nondurable manufacturing increased 3.6%, boosted by the production of food, beverage, and tobacco products, and chemicals. Mining output jumped 11.1% (8.7%), while utilities output moved up 0.5% as a 4.3% advance in natural gas production was partially offset by a 0.3% decline in electric output. On a monthly basis, industrial output rose 0.4% in September, beating market forecasts of 0.1%.
Source: FED
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US industrial production surged in September. Source: Bloomberg
Capacity Utilization reached its highest level since March 2008. Source: Bloomberg
Today's report indicates that the U.S. economy remains resilient despite FED interest hikes and worsening global economy. The rate of capacity utilization across the US factories increased to 80.3% from 80.1%, matching a 13-year high that it hit earlier in the year. This gives the Federal Reserve another reason to continue to aggressively raise interest rates.
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