U.S. Industrial Production Exceeds Forecasts in September, Driven by Utilities and Tech

• US industrial production rose 0.7% in September, beating 0.4% forecast.
• Utilities output surged 3.5%, significantly boosting the headline figure.
• Manufacturing showed strength in advanced technology and chemicals.

United States industrial production saw a stronger-than-anticipated increase in September, rising by 0.7% month-over-month, surpassing economists’ expectations of a 0.4% gain. This follows an upward revision to August’s figure, which now stands at a 0.1% increase. The overall expansion was significantly bolstered by a 3.5% surge in utilities output, which also saw a 9.6% year-over-year increase and a 14.8% annualized pace in Q3. Manufacturing output also contributed, rising 0.3% and showing particular strength in advanced technology, pharmaceuticals, chemicals, and machinery sectors, though some commoditized production faced challenges. Capacity utilization also climbed to 76.9%, exceeding the 76.5% forecast.