No cheer in US industrial data
AMERICA’S recovery in industrial production may be running out of steam, according to figures for October released yesterday.
Activity only rose 0.1 per cent on the month, which was entirely down to a weather-related 1.6 per cent rise in utilities output. The September figure was also revised downwards.
Disappointingly, manufacturing output fell by 0.1 per cent last month but Paul Ashworth, senior US economist at Capital Economics,said there was no need to panic as the fall comes on the heels of three big monthly gains between July and September.