US industrial production falls as strikes, hurricanes hit output

17th Oct 2024 16:00

(Sharecast News) - Industrial production in the US retreated in September, falling more than expected, according to data from the Federal Reserve on Thursday.

Industrial production fell by 0.3% during the month after a 0.3% gain in August. The consensus estimate was for a fall of just 0.2%.

The Fed said that strikes at a "major producer of civilian aircraft" - ie Boeing - had a 0.3% negative impact on overall production, as the production of aerospace equipment sank 8.3%.

Meanwhile hurricanes Francine and Helene had a further 0.3% negative impact.

Breaking the data down into major industry groups, manufacturing output declined 0.4% in September while the index for mining fell 0.6%, but the utilities index increased 0.6% - growing for the first time in three months.

For the third quarter as a whole, US industrial production was 0.6% lower than last year.