U.S. Industrial Output Rises Beyond Expectations

By Garvit Vyas , 21 October, 2022

U.S. industrial production rose by 0.4 percent in September because of higher manufacturing output, especially in the auto industry, and the easing of supply-chain constraints. A report issued by the U.S. Federal Reserve revealed that the utility index decreased by 0.4 percent while the mining index increased by 0.6 percent.

Total industrial production in September increased by 5.3 percent from the same month last year, or 105.2% of its 2017 average. In September, capacity utilization increased by 0.2 percentage points to 80.3 percent, 0.7 percenta.ge points higher than the long-term (1972–2021) average.

According to the Federal Reserve, mining output increased by 0.6% thanks to increased oil and gas extraction. Manufacturing capacity utilization grew in September by 0.3 percentage points to 80.0 percent, which is 1.8 percentage points higher than the long-term average. The operating rate for utilities decreased by 0.4 percentage points to 72.8 percent, and the operating rate for mining increased by 0.4 points to 88.8 percent. It must be noted that the rate for utilities continued to be much below its long-run average; the rate for mining was 2.5 percentage points above it.

Amidst growing concerns of a recession, inflation, and rising interest rates, a shift in consumer spending to services, and a general downturn in the U.S. economy as well as in Europe and China, the factory sector in the United States is predicted to slow down in the upcoming months.

U

Latest News

U
Solar And Wind Energy Leads to Environmental Waste in 2024

Renewable energy is considered as an alternative to fossil fuels. Nations are replacing fossil fuels with renewables to achieve sustainability in the environment. Renewable energy sources regulate specific sectors like electricity, transportation…

Read More

U
Sustainable Aviation Fuel From Human Waste Can Accelerate Clean Energy Transition

In the industrial applications and production sector, sustainability will play a significant role in  2024. Industries are growing interested in adopting sustainable approaches in light of the clean energy transition. The aviation industry in 2024…

Read More

U
Battery Storage Is The Leading Energy Investment In 2024

Energy storage is the main component in the clean energy transition as it facilitates the storage and discharge of energy. Battery storage is expected to support clean energy transition in the upcoming years. A survey shows battery storage can be a…

Read More

U
India Emerges As Leading Net Importer For Finished Steel

India leads the steel industry, being the second largest steel producer globally. However, India finishes as a net importer in the steel industry with finished steel in 2024. According to data from 2023-2024, India emerges as a net importer of…

Read More

U
Research Finds Ways To Advance the Magnetic Modelling To Support Electric Transportations

Researchers are diving deep to study the magnetic evolution in today's new world. The newly developed magnets are necessary for green energy transformation as well. Researchers find new methods to remodel the real microstructure of neodymium iron…

Read More

Author Pic
Garvit Vyas

Analyst