By Ovunc Kutlu
ANKARA (AA) - US industrial production rose 1.6% in October on a monthly basis, beating the market estimate, according to data released by the Federal Reserve on Tuesday.
Industrial production, which measures the change in the value of output produced by manufacturers and utilities, was expected to rise 0.7% in September, according to market consensus. It fell 1.3% in September.
"About half of the gain in October reflected a recovery from the effects of Hurricane Ida," the Fed said in a statement.
Manufacturing production increased 1.2% last month. While the market estimate for October was an increase of 0.7%, it declined 0.7% the previous month.
Capacity utilization for the industrial sector increased 1.2 percentage points to 76.4% in October, beating the market estimate of 75.8%.
The utilization rate, which is the percentage of production capacity being utilized and also reflects overall demand in the American economy, came at 75.2% in September.