Industrial production, the Federal Reserve’s measure of the US manufacturing sector, missed expectations for the month of September.
The index increased just 0.1% for the month, missing economists expectations of an increase of 0.2%, based on data collected by Bloomberg. It was still an improvement after August’s unexpected drop into negative territory, which was revised down to -0.5%.
Additionally, capacity utilization fell to 75.4%, lower than economists expectations of 75.6%, and last month’s 75.5% reading.
There was good news in the report, as manufacturing had its best quarter in a year for the third quarter.
“For the third quarter as a whole, industrial production rose at an annual rate of 1.8 per cent for its first quarterly increase since the third quarter of 2015,” said the report from the Fed.