American Industry Revived In October And Its Production Increased

American Industry Revived In October And Its Production Increased

American industry revived in October and its production increased. Even a little more than economists expected. This was shown on Tuesday by data from the Fed's central bank, which signals that the industry is continuing to recover from the fall associated with COVID-19, even though the US is already facing a second wave of infections. According to the latest Fed data, the total production of American industry increased by 1.1% in October 2020 compared to September, when after the revision it fell by 0.4% month-on-month. The October result slightly exceeded the expectations of economists, who predicted industrial growth of 1% after the original September reduction of 0.6% before the revision. US industry has already recovered largely from a sharp fall in February-April by 16.5%, but its production in October was still 5.6% lower than before the first wave of the pandemic. Statistics also showed that production output increased by 1% in October and power plant output increased by 3.9%, while mine production decreased by 0.6%. Year-on-year, total industrial production in October was 5.3% lower than a year ago. The Fed report also showed that capacity utilization in the industrial sector rose to 72.8% in October from 72% in September, while economists expected it to reach 72.3%.