Reflecting steep drops in mining and utilities output, the Federal Reserve released a report on Tuesday showing that U.S. industrial production unexpectedly decreased in the month of October.
The report said industrial production dipped by 0.2 percent in October, matching the decrease seen in September. The drop surprised economists, who had expected production to inch up by 0.1 percent
The unexpected decrease in production was partly due to a continued drop in mining output, which fell by 1.5 percent in October after tumbling by 2.4 percent in September.
Utilities output also showed a substantial decrease, plunging by 2.5 percent in October after jumping by 1.2 percent in the previous month.
On the other hand, the report showed an increase in manufacturing output, which climbed by 0.4 percent in October after edging down by 0.1 percent in September.
The Fed also said capacity utilization for the industrial sector slipped to 77.5 percent in October from 77.7 percent in September.
Capacity utilization in the manufacturing sector dipped to 80.8 percent and capacity utilization in the mining sector edged down to 76.1 percent, while capacity utilization in the utilities sector inched up to 76.7 percent.
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Forex News
April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.