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US industrial output up in September amid small hurricane impact
by Staff Writers
Washington (AFP) Oct 16, 2018

US industries saw only a small hit from Hurricane Florence, which devastated parts of the mid-Atlantic region in September, and output rose at a steady pace, the government reported Tuesday.

Strong auto and petroleum production were again key drivers in the sector, according to the Federal Reserve.

Industrial production rose 0.3 percent last month compared to August, as the Fed said output growth was "held down slightly" by Florence, which shaved less than a tenth of a point off the increase.

Manufacturing posted a more modest 0.2 percent gain, while the mining sector, which includes the booming oil and gas industry, jumped 0.5 percent for its eighth consecutive increase, the report said.

The Fed said overall mining output had gained 24 percent since its low point in 2016, driven by oil and gas, even as drilling had declined in the last three months.

Meanwhile, utilities were flat after a big jump in August, the data showed.

Motor vehicle production again helped drive the overall increase, with a 2.6 percent gain in the month, and is up more than 11 percent from a year earlier.

Wood products and metals also rose, while the Fed said the only significant decline was in "nonmetallic mineral products."

Industrial production is up 5.1 percent in the year ended in September, while manufacturing output has increased 3.5 percent and mining surged 13.4 percent.

Installed capacity in use remained steady at 78.1 percent, which is 1.7 points below its long-run average, the report said.


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TRADE WARS
US-China trade row not a threat to world economy: Mnuchin
Nusa Dua, Indonesia (AFP) Oct 13, 2018
US Treasury Secretary Steven Mnuchin pushed back Saturday against warnings that Washington's trade fight with China imperils the world economy, saying that pushing Beijing to open up will be good for all. The IMF has warned this week at annual meetings in Bali that the escalating US-China trade confrontation would hobble global economic growth, as the fund lowered its forecasts for this year and next. But Mnuchin told reporters on the Indonesian resort island that President Donald Trump's drive ... read more

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