Mining sector fall weighs negatively on US industrial output
US factory production fell 0.1% in October, as output at mines and power plants declined, the Federal Reserve said on Friday.
After having risen for six consecutive months, the index for mining suffered a setback last month, dropping 1.6%. Output of utilities, meanwhile, dove 1.1%.
According to the Fed, temporary shutdowns of oil and gas rigs in the Gulf of Mexico in advance of Tropical Storm Karen, contributed to this decline, the first for the mining sector in seven months.
But manufacturing, which is the largest component of industrial production, increased 0.3% last month, the third straight monthly gain. The headline number was dragged down by lower auto output, a pullback that many economists expect to be temporary.
Image by Dmitry Kalinovsky