US industrial production ticks up 0.1 per cent in October
WASHINGTON — U.S. industry expanded slightly in October, with manufacturing growth offsetting declines in mining and utility production.
Industrial production ticked up a modest 0.1 per cent, the fifth straight monthly gain, following a 0.2 per cent advance in September and a sizable 0.8 per cent advance in August, the Federal Reserve reported Friday.
The Fed said that recent hurricanes lowered production by about 0.1 percentage point in both September and October.
The economy has been growing at a solid rate this year. The gross domestic product expanded at an annual rate of 3.5 per cent in the July-September quarter, with manufacturing contributing to the momentum.