The 2020 Mid-Year Economic Update_long

Industrial Production Down 0.4% in October

Sandy reduced the rate of change in total output by nearly 1 percentage point.

Industrial production declined 0.4 percent in October after having increased 0.2 percent in September, according to the Federal Reserve. Superstorm Sandy, which held down production in the Northeast region at the end of October, is estimated to have reduced the rate of change in total output by nearly 1 percentage point.

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The largest estimated storm-related effects included reductions in the output of utilities, chemicals, food, transportation equipment and computers and electronic products.

In October, the index for manufacturing decreased 0.9 percent; excluding storm-related effects, factory output was roughly unchanged from September. The output of utilities edged down 0.1 percent in October, and production at mines advanced 1.5 percent.

At 96.6 percent of its 2007 average, total industrial production in October was 1.7 percent above its year-earlier level. Capacity utilization for total industry decreased 0.4 percentage point to 77.8 percent, a rate 2.5 percentage points below its long-run (1972–2011) average.

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