CAPITAL MARKETS

US industrial production recovers

US industrial production recovered in October as operations returned to normal after Hurricanes Harvey and Irma suppressed output in the previous two months.

Staff reporter
Industrial production has risen in the US

Industrial production has risen in the US

Industrial production jumped 0.9%, surpassing expectations of a 1.5% rise, while manufacturing increased 1.3%, according to the US Federal Reserve.

Despite the recovery, mining output was the outlier, dropping 1.3% in October, with the reserve noting that Hurricane Nate had caused a sharp, but short-lived decline in oil and gas drilling and extraction.

It added that the mining output decline had "reflected reductions in all of its major components".

The reserve said total industrial production rose 2.9% over the past 12 months, with output in October at 106.1% of its 2012 average. Mining production for the month was at 108.9% of its 2012 average.

Capacity utilisation for the entire industrial sector was 77%, 2.9 percentage points below its long-run average from 1972-2016. For mining, capacity utilisation was 82.4% in October, 4.6 percentage points below the long-run average.

"With modest upward revisions for July through September, industrial production is now estimated to have only edged down 0.3% at an annual rate in the third quarter (September quarter); the previously published estimate showed a decrease of 1.5%," the reserve said.  

The Dow Jones Industrial Average index rose 171.41 points or 0.7% to 23,442.69 after the news.

 

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.