US industrial production is growing for the third time in four months, due to the production of consumer goods and building materials, which is a sign of recovery after a long period of weakness. The production at factories, which form 75% of the sector, is growing by 0.2% mom in September, once in August fell 0.5% mom, according to the Federal Reserve. The forecast of economists was for growth of 0.1%. The industrial production generates around 12% of US GDP.
Meanwhile, the broader index, which includes mining and utilities, growing by 0.1%.
Some of the fundamental factors are starting to improve. The latest results are consistent with the survey of the Institute for supply management (ISM). It showed that industrial output is increasing at a moderate pace in September, after unexpectedly shrank previous month.
The mining production, which includes drilling for oil, increased by 0.4%, reflecting the stabilization of oil prices and other raw materials.
On an annual basis, the US industrial production declined by 1%.
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