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Industrial production in the United States unexpectedly decreased in October


November, 16 2022
watermark Economic news

According to the Federal Reserve, the volume of industrial production in the United States in October decreased by 0.1% compared to the previous month. Analysts on average predicted an increase of 0.2%.


In addition, industrial capacity utilization decreased to 79.9% from the revised September figure of 80.1%. Analysts expected it at 80.4%.


The Fed also presented statistics on retail sales: they, excluding cars, increased by 1.3% in October after an increase of 0.1% in September. The indicator excluding cars and fuel increased by 0.9% compared with an increase of 0.6% a month earlier.


Sales of cars and auto parts increased by 1.3%, sales at gas stations increased by 4.1%. Sales of building materials increased by 1.1%, as did sales in furniture stores. At the same time, electronics sales decreased by 0.3%.


In annual terms, the total volume of retail sales in the United States increased by 8.3%. In September, retail sales grew by 8.6%.


Analysts note that recent data point to the sustainability of consumer spending, despite high inflation and rising borrowing costs, which put pressure on demand.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.