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16 November 2017
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| Industrial production (The Total Investment & Insurance Solutions) |
U.S. industrial production jumped a solid 0.9 percent in October as
factory activity recovered from the impact of Hurricanes Harvey and Irma.
The Federal Reserve said Thursday that
manufacturing activity surged 1.3 percent last month. Many of the gains came
from a sharp increase in the production of chemical and petroleum and coal
products. Motor vehicles and metals also posted decent gains. The Total Investment & Insurance
Solutions
Mining activity slipped 1.3 percent in
October as Hurricane Nate caused a brief decline in oil and gas drilling.
Production at utilities rose 2 percent.
Over the past year, industrial production has
increased 2.9 percent.
The Fed report is among the many indicators
that factories are roaring back in recent months. The Total Investment & Insurance
Solutions
Over the past year, manufacturers have added
156,000 jobs. That's the strongest annual growth since the middle of 2015.
Manufacturing hit a rough patch roughly two
years ago when a strengthening dollar hurt exports and falling energy prices
led to fewer orders for pipeline and equipment. But manufacturing has been
steadily rebounding this year amid a stronger global economy. The Total Investment & Insurance
Solutions
The Institute for Supply Management, a trade
group of purchasing managers, said recently that its manufacturing index dipped
to 58.7 in October from a 13-year high 60.8 in September. Anything above 50
signals that U.S. factories are expanding. Manufacturers have reported
expansion for the past 14 months.The Total
Investment & Insurance Solutions
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