Despite reports of an oncoming recession, U.S. manufacturing posted a gain in September, with increases in both durable and nondurable goods, according to a new Federal Reserve report.
Altogether, factory production saw a 0.4% increase last month. Compared year to year, the increase was up a substantial 4.7%.
That 0.4% increase proved a pleasant surprise: in a poll of economists conducted by the Wall Street Journal it was thought that the September output increase would be no higher than 0.1%.
While U.S. factory production has been on wild up-and-down ride since late 2021, the September figures mark the third monthly increase in a row.
Mining production was up by even more, at 0.6%, while the utilities output dropped 0.3%.
According to a press release issued by the Federal Reserve, “most major market groups posted increases in September.” Gains were particularly noted in the production of nonmetallic mineral products, fabricated metal products, computer and electronic products, and motor vehicles and parts.
The Fed also pointed to additional increases in “food, beverage, and tobacco products; apparel and leather, chemicals, and petroleum and coal products.”
In looking at the latest numbers, the financial site Bloomberg noted that “domestic demand for merchandise has generally softened amid both shifting consumer preferences and inflation.”
For all of that, the site Investing contends that the latest manufacturing numbers are a “fresh illustration that most of the U.S. economy is running hot by any historical measure.”
By Garry Boulard
