US industrial output falls on hurricanes, Boeing strike

US industrial output fell by its steepest pace in five months during September, pressured by shutdowns due to Hurricanes Helene and Milton, which coincided with a strike by workers at aircraft manufacturer Boeing.

Federal Reserve data showed Thursday that industrial production fell in September by 0.6% year-on-year, and 0.3% month-on-month, compared to expectations for a 0.1% decline from its level in August, when it rose by 0.3%.

Manufacturing production was down by 0.4% MoM, with equipment production falling by 3.5% in September, hurt by a 14.2% drop in transportation equipment production.

The two hurricanes affected oil and natural gas operations, which led to a 0.6% decline in mining production in September, while utilities output rose by 0.7%.