WASHINGTON (AP) - U.S. manufacturing output grew modestly in October, as autoworkers churned out fewer cars and trucks.
Output at manufacturing plants rose 0.2 percent in October, the Federal Reserve said Monday. Gains came from the rising demand for machinery, plastics, clothing and furniture. Factory output has risen 3.4 percent over the past 12 months.
But in October, the automotive sector tapped the brakes for the third straight month. Auto production fell 1.2 percent in October, after declines of 1.9 percent in September and 7.2 percent in August. Despite the slowdown, motor vehicle sales were strong last month.
Total industrial production dipped 0.1 percent last month, due to a sharp decline in output from mines and utilities.
Manufacturing has steadily helped fuel economic growth for much of 2014.
Employers have added more than 2.2 million jobs so far this year and the unemployment rate has plunged to a six-year-plus low of 5.8 percent. Stocks have rebounded in the past month to record highs after having slipped in the middle of October. Demand for home electronics, appliances, furniture and carpeting have all perked up.
Published: Tue, Nov 18, 2014
