US industrial production grew modest 0.1 per cent in October
In spite of U.S. manufacturing growth in October, concerns that the strong dollar and rising trade tensions could hurt future export sales persist
WASHINGTON – U.S. industry expanded as a slower pace in October, with manufacturing growth offsetting declines in mining and utility production.
The Federal Reserve says that industrial production rose a modest 0.1 per cent last month following a 0.2 per cent advance in September and a sizable 0.8 per cent advance in August.
The Fed says that recent hurricanes lowered production by a slight amount in both September and October.
Factory output was up 0.3 per cent in October, matching the previous month despite a big drop in auto production.
The economy has been growing at a solid rate this year. But there are concerns that the strong dollar and rising trade tensions could hurt future export sales.