Industrial Production in the US Recovers in September

Industrial production in the US increased in September, indicating that the sector remained strong despite the Fed's interest rate hikes dampening demand.

According to US Federal Reserve data, industrial production increased by 0.4 percent on a monthly basis in September. The median forecast of economists surveyed was a 0.1 percent increase. Capacity utilization increased from 80.1 percent to 80.3 percent.  The previous month's industrial production data was revised from 0.2 percent contraction to 0.1 percent contraction. Manufacturing industry production increased by 0.4 percent in September, the expectation was 0.3 percent increase. In this way, manufacturing industry production continued to increase for the 3rd month in a row. This situation noted that strong business investments and consumer demand strengthened the manufacturing sector. However, the manufacturing sector is expected to slow down in the coming months amid concerns that the economy is deteriorating and consumers are reluctant to spend. Foreign demand has also come under pressure with the strengthening dollar and deterioration in the global economic outlook. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!