A September slump in U.S. industrial production extended into October, the Federal Reserve said Friday, with extreme weather and a strike at aircraft manufacturer Boeing weighing on output.
Industrial output fell by 0.3% in October after declining by a revised 0.5% a month earlier, the Fed said in a statement.
This was in line with market expectations, according to Briefing.com.
The Fed said industrial production had been affected by "a strike at a major producer of civilian aircraft" -- in the wake of the costly recent strike at Boeing over pay and conditions.
Production was also hit by impact of both Hurricane Milton and the "lingering effects" of Hurricane Helene.
Manufacturing output fell 0.5%, while the indexes for mining and utilities rose by 0.3% and 0.7%, respectively, the Fed said.
The slump in September and October helped drive down the overall figure for industrial production over the past 12 months, leaving it 0.3% below its level in October 2023.
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