US industrial production it rose 1.6% month-on-month in October, according to data released by the US Federal Reserve on Tuesday. The figure was well above expectations for a 0.7% month-on-month rise in production and fully recovered from the 1.3% drop seen in production levels in September. “About half of the gain in October reflected a recovery from the effects of Hurricane Ida,” he said. the Federal Reserve.
“In October, capacity utilization for the industrial sector increased 1.2% to 76.4%,” the Fed noted, before noting that it was “still 3.2% below its long-term average (1972-2020).”
Market reaction
The US dollar has been recovering recently following strong US retail sales data and aggressive comments from FOMC member and 2022 voter James Bullard. Currency markets have generally ignored the latest industrial production figures, although the report strengthens the case for the dollar to strengthen further on Tuesday. EUR / USD has recently slumped to yearly lows at 1.1330.
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