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Industrial production in the U.S. fell by much more than expected in the month of October, according to a report released by the Federal Reserve on Friday, with manufacturing production showing a notable decrease due to the since-resolved strike at General Motors (GM).
The Fed said industrial production tumbled by 0.8 percent in October after falling by a revised 0.3 percent in September. Economists had expected production to decrease by 0.4 percent, matching the drop originally reported for the previous month.
The report also said capacity utilization for the industrial sector slumped to 76.7 percent in October from 77.5 percent in September. Capacity utilization had been expected to dip to 77.1 percent.
