October Marks Sixth Month of Increased Manufacturing Output
Nov. 17, 2020
Increased production of consumer goods, business equipment, and construction supplies gave the U.S. Manufacturing Output its sixth month in a row of increased growth.
U.S. manufacturing production has continued to rise at steady pace for the sixth month in a row. October's gain in factory output increased 1% from September, matching what economists at Bloomberg had forecasted.
Total industrial production rose 1.1% in October after a 0.4% decrease a month earlier. The increased production of consumer goods, business equipment, and construction supplies are what have given the U.S. Manufacturing Output its increased growth for six months in a row now.
According to the Bloomberg report, despite the improvement last month, the Fed’s index of manufacturing remains about 5% below its level in February. In addition, employment and average hours worked in the sector also increased in October, according the government’s monthly jobs report.
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