The Federal Reserve published a report on Friday indicating that U.S. industrial production declined in October, aligning with the expectations of economists. This downturn in production continues to be influenced by recent hurricanes and the ongoing Boeing (BA) strike.
According to the report, industrial production experienced a 0.3 percent decrease in October, following a downwardly adjusted 0.5 percent decline in September. These figures align with economists' predictions, who had anticipated a 0.3 percent dip consistent with the initially reported fall for the previous month.
The Fed noted that the Boeing strike contributed to a 0.2 percentage point reduction in industrial production growth for October. Additionally, the impact of Hurricane Milton, combined with the aftereffects of Hurricane Helene, further reduced growth by 0.1 percentage point.
