Industrial production rose by more than expected in September, indicating a surprising resilience in the wake of the Federal Reserve’s rate hikes.
The Federal Reserve reported Tuesday that industrial production rose 0.4 percent after a slight decline of 0.1 percent in August. The August figure was revised higher from the preliminary estimate of a 0.2 percent decline.
Manufacturing output jumped 0.4 percent, twice the consensus forecast. August was revised up from a 0.1 percent gain to 0.4 percent.
The index for mining, which includes drilling for oil and natural gas, was up a steep 0.6 percent after being flat in August.
Capacity utilization rose to 80.3 percent in September, up from 80.1 percent in the prior month.
The output of consumer products rose 0.6 percent. Business products output rose 0.5 percent.
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