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US Industrial Output Picks Up

US Industrial Output Picks UpUS Industrial Output Picks Up

US industrial output rose in September as the effects of Hurricanes Harvey and Irma began to fade and construction and utilities production bounced back, the Federal Reserve said on Tuesday, Reuters reported. Overall industrial production increased 0.3% in September after an upwardly revised 0.7% decline in August. However, output in July was revised to a decline of 0.1% from the previously reported 0.4% gain. Industrial production data for August had been heavily impacted by the hurricanes which temporarily shut down oil, gas and chemical plants along the US Gulf Coast. The Fed said that the impact of Harvey and, to a lesser extent, Irma, held back production growth in September by 0.25 percentage point. Economists polled by Reuters had forecast industrial output rising 0.3% in September. The Fed’s measure of the industrial sector is made up of manufacturing, mining, and electric and gas utilities. The manufacturing sector, which comprises about 12% of the US economy, edged up 0.1% after an upwardly revised 0.2% decline in August.

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