United States Industrial Production Mom

Industrial production in the United States fell 1.3 percent in September 2021, following a revised 0.1 percent contraction in August and missing market expectations of 0.2 percent growth, with about 0.6 percentage point of the drop resulting from the impact of Hurricane Ida. Manufacturing output decreased 0.7 percent, as the production of motor vehicles and parts slumped 7.2 percent due to shortages of semiconductors and factory output elsewhere declined 0.3 percent. The output of utilities contracted 3.6 percent, as demand for cooling subsided after a warmer-than-usual August; while mining production was down 2.3 percent. Despite the decrease in September, total industrial production rose 4.3 percent at an annual rate for the third quarter as a whole, its fifth consecutive quarter with a gain of at least 4 percent.