October Industrial Production Rises In Hurricane Aftermath
After falling sharply in September, U.S. industrial production bounced back somewhat in October, according to the Federal Reserve.
The Fed said production rose 1.3 percent in October after falling 3.7 percent in September, largely because industry sprung back after being hurt by hurricanes Gustav and Ike.
Manufacturing production rose just 0.6 percent in October, but mining output jumped 6.1 percent as oil and natural gas operations in the Gulf of Mexico came back online. Utility output rose 0.4 percent.
Excluding the effects of the hurricanes and a strike at aircraft maker Boeing Co., the Fed estimated that industrial production fell about 2/3 percent in both September and October.
Total industrial production in October was 4.1 percent lower than its level one year earlier.
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