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U.S. Industrial Production Unexpectedly Comes In Flat In October

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Industrial production in the U.S. was unchanged in the month of October, according to a report released by the Federal Reserve on Wednesday, with a steep drop in utilities output offsetting a jump in mining.

The Fed said industrial production came in flat in October after dropping by a revised 0.2 percent in September. Economists had expected production to match the 0.1 percent uptick originally reported for the previous month.

Utilities output fell sharply for the second consecutive month, plunging by 2.6 percent in October after tumbling by 3.0 percent in September.

The continued slump in utilities output came as warmer-than-normal temperatures reduced the demand for heating.

On the other hand, the report said mining output surged up by 2.1 percent in October after dipping by 0.4 percent in September.

Manufacturing output also edged up by 0.2 percent in October, matching the modest increase seen in the previous month.

The Fed also said capacity utilization for the industrial sector dipped to 75.3 percent in October from 75.4 percent in September. Economists had expected capacity utilization to hold steady.

Capacity utilization in the mining sector rose to 77.0 percent and capacity utilization in the manufacturing sector inched up to 74.9 percent, while capacity utilization in the utilities sector fell to 77.8 percent.

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