Industrial Output Climbed Nearly 1% in October

(CN) — U.S. industrial production rose a solid 0.9 percent in October as factory activity recovered from the impact of Hurricanes Harvey and Irma, the Federal Reserve reported Thursday.

The Fed report said manufacturing activity surged 1.3 percent last month, with many of the gains coming from a jump in the production of chemical and petroleum and coal products.

Motor vehicles and metals also posted decent gains, the report said.

Over the past year, industrial production has increased 2.9 percent.

Production at the nation’s utilities rose 2 percent last month, but mining activity was down 1.3 percent.

The Fed report is the latest report to suggest that nation’s factories are on a solid footing heading into 2018.

Over the past year, manufacturers have added 156,000 jobs. That’s the strongest annual growth since the middle of 2015.

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. But anything above 50 signals that U.S. factories are expanding. Manufacturers have reported expansion for the past 14 months.

The Associated Press contributed to this report.

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