US manufacturing production unexpectedly drops in September

US manufacturing production unexpectedly drops in September

U.S. factory production unexpectedly fell in September, suggesting that manufacturing's recovery from the COVID-19 pandemic was slowing heading into the fourth quarter.

FILE PHOTO: A production line employee works at the AMES Companies shovel manufacturing assembly li
FILE PHOTO: A production line employee works at the AMES Companies shovel manufacturing factory in Camp Hill, Pennsylvania, U.S. on June 29, 2017. REUTERS/Tim Aeppel

WASHINGTON: U.S. factory production unexpectedly fell in September, suggesting that manufacturing's recovery from the COVID-19 pandemic was slowing heading into the fourth quarter.

Manufacturing production dropped 0.3per cent last month, the Federal Reserve said on Friday. Data for August was revised up to show to output at factories increasing 1.2per cent instead of 1.0per cent as previously reported. Factory production remains 6.4per cent below its pre-pandemic level. Economists polled by Reuters had forecast manufacturing output would rise 0.7per cent in September.

(Reporting by Lucia Mutikani)

Source: Reuters

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