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US industrial output growth eases in September

U.S. industrial production expanded at a slightly slower monthly pace in September as Hurricane Florence hit parts of the country, according to the latest data from the Federal Reserve.

Seasonally adjusted industrial production rose 0.3% month over month in September following a 0.4% gain in August. Econoday projected industrial output to decelerate to 0.2%.

The Federal Reserve said Florence lowered industrial output growth slightly last month, with an estimated impact of less than 0.1 of a percentage point.

Year over year, industrial production was up 5.1% in September.

Manufacturing output growth weakened to 0.2% last month, in line with Econoday's forecast and following a 0.3% increase in August. The production of motor vehicles and parts, wood products, and primary metals posted the biggest gains among durable goods.

Mining output expanded 0.5% in September, up from the 0.4% growth in the previous month. Utilities production was flat following growth of 1.1% in August.

Industrial capacity utilization was unchanged at 78.1% in September, slightly missing market expectations. The current rate is 1.7 percentage points below its long-run average.

In the third quarter, total industrial production grew at an annual rate of 3.3%, with manufacturing output advancing 2.8%.