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Industrial production in the US declines for a maximum of 17 months in October



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Ford Motor Company worker is working on a new truck at a plant in Dearborn, Michigan.

Figures: US industrial production fell 0.8% in October, the biggest drop since May 201

8, the Federal Reserve announced on Friday. This was the third decline in production in the last four months. The decline was steeper than Wall Street expectations for a 0.5% drop

The report was influenced by the strike by United Auto Workers against General Motors

GM, + 0,43%

which hit the car production by 7.1%.

However, the weakness was not limited to the production of automobiles. With the exception of cars, industrial production fell by 0.5%.

Production dropped by 0.6% in October.

Industrial capacity in use decreased to 76.7 in October. This is the lowest level for 25 months.

What happened: No sector showed a profit in production.

The yield, which is the engine of growth, fell 0.7% in October. This is the third decline in the last four months. Utility production fell 2.6% after a sharp rise in the previous month.

On an annual basis, industrial production in the USA declines by 1.1%.

Big Picture: The manufacturing sector has been hit hard by several headwinds, including weak global demand, international trade uncertainty and Boeing Co.'s woes. Some economists have found a breakthrough in the manufacturing sector, but this report

Fed Chairman Jerome Powell told lawmakers this week that his economists are closely watching whether weakness in the manufacturing sector is spilling over into the consumer side of the economy. But retail sales figures for October, released earlier Friday, were generally positive.

Market reaction: Stocks

DJIA, + 0.34%

was found higher on Friday as investors absorbed retail sales data.


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