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Industrial Production Shows Modest Gain due to Utility Output

November 17th, 2009 Michael McDonough

Industrial Production rose +0.1% in October, versus a Bloomberg consensus forecast of +0.4%.At the same time September’s reading was revised up from +0.6% to +0.7%.  As I warned in my US Economics Week Ahead, manufacturing production lost -0.1% during the month while utility output more than offset this decline by climbing 1.6%, on what was likely a cold October–without this increment IP would have finished the month slightly negative.  Mining output fell -0.2% during the month.  Nevertheless, IP has finished in positive territory for four consecutive months.  Capacity utilization finished the month at 70.7%, compared to 70.5% in September.

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