Industrial Production Slips for Second Month in a Row

Source: Federal Reserve

Industrial production declined for the second straight month in September, dragged by the lingering effects of Hurricane Ida.

• Industrial production fell 1.3%, following the 1% decline in August. The annual growth stood at 4.6%.
• Manufacturing output fell 0.7% during the month, after the 0.4% drop in August. Annual growth was at 4.8%.
• Production of motor vehicles and parts slipped 7.2% due to the continued shortage of semiconductors.
• The overall decline was attributed to the impact of Hurricane Ida, which also caused a 0.3 percentage point drop in manufacturing.