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US industrial output growth slows in October

US industrial output growth slows in October

Mubasher: US industrial production expanded at a slower pace in October, as manufacturing growth compensated drops in mining and utility outputs, data by the Federal Reserve Bank revealed on Friday.

Industrial production rose 0.1% last October following a 0.2% gain in September and a 0.8% advance in August.

Recent hurricanes in the US lowered production a slight amount in the past two months.

US factory production rose 0.3% in October for the fifth month in a row.

However, mining output saw a monthly decline of 0.3%, while production at utilities fell 0.5% in October.

Capacity utilisation, which reflects the constraints to operating factories, mines and utilities in the US, rose to 78.4% during the month, but remained 1.4% below its long-run average.

By 2:58 pm GMT, the EUR/USD pair rose 0.68% to $ 1.1405.