2017.11.1610:03:00UTC+00U.S. Industrial Production Climbs 0.9% In October, More Than Expected

Industrial production in the U.S. increased by more than anticipated in the month of October, the Federal Reserve revealed in a report released on Thursday.

The report said industrial production climbed by 0.9 percent in October after rising by an upwardly revised 0.4 percent in September.

Economists had expected production to rise by 0.5 percent compared to the 0.3 percent uptick originally reported for the previous month.

The Fed said industrial activity was boosted in October by a return to normal operations after Hurricanes Harvey and Irma suppressed production in August and September.

Excluding the effects of the hurricanes, the index for total output advanced about 0.3 percent in October, and the index for manufacturing advanced about 0.2 percent.

The report said utilities and manufacturing output jumped by 2.0 percent and 1.3 percent, respectively, while mining output tumbled by 1.3 percent as Hurricane Nate caused a sharp but short-lived decline in oil and gas drilling and extraction.

The Fed also said capacity utilization rose to 77.0 percent in October from an upwardly revised 76.4 percent in September.

Capacity utilization had been expected to climb to 76.3 percent from the 76.0 percent originally reported for the previous month.

The report said capacity utilization in the manufacturing and utilities sectors rose to 76.4 percent and 77.2 percent, respectively, while capacity utilization in the mining sector dropped to 82.4 percent.