U.S. Manufacturing Output Increased for Sixth Month in October
- Gain leaves factory production index 5% shy of February level
- Production of consumer goods, business equipment rises
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U.S. manufacturing production rose at a solid pace in October, marking the sixth straight advance as factories continued to recover from the depths of the pandemic-driven lockdowns earlier this year.
Output at factories increased 1% from the prior month, matching the median forecast in a Bloomberg survey of economists, after an upwardly revised 0.1% gain in September, Federal Reserve data showed Tuesday. Total industrial production, which also includes mining and utility output, rose 1.1% in October after a 0.4% decrease a month earlier.