US factory output sees slowdown
Print Edition
United States manufacturing output slowed in September as the production of computer and electronic goods fell, suggesting business spending ended the third quarter with less momentum.
Manufacturing production edged up 0.1 percent last month after advancing 0.5 percent in August, the Federal Reserve said yesterday. The report comes on the heels of a report last week showing a gauge of business spending tumbled in September.
While manufacturing accounts for only about 12 percent of the economy, these reports, taken together with data on employment and home sales, suggest the economic activity ended the July-September quarter on a weak note.
Manufacturing production was held back by a 0.5 percent drop in computer a
nd electronic goods output. Production of electrical appliances also fell as did the output of nonmetallic mineral products.
While automobile output increased 2 percent, it was a sharp slowdown from the 5.2 percent rise logged in August.
Economists expect manufacturing slowed in October as a partial shutdown of the federal government earlier in the month hurt business confidence.
In September, a rebound in utilities output lifted overall industrial production 0.6 percent, the largest increase since February. Economists polled by Reuters had expected industrial output would rise 0.4 percent.
“With manufacturing sector activity likely to moderate even further in October, on account of the fallout from the protracted government shutdown, we expect some of this unexpected buoyancy in industrial output to be surrendered next month,” said Millan Mulraine, senior economist at TD Securities in New York.
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