US industrial production declined 0.8% in October

US industrial production fell 0.8% in October from the previous month. Analysts forecasted a decline of 0.4%. This drop was caused by the fall of output for the manufacturing, mining and utilities sectors. It was the largest decline since May of 2018.

Moreover, industrial capacity utilization in the USA in October decreased to 76.7% from the September level of 77.5%. This also has been below the analysts expectations of 77.7%.

Industrial production indicator is one of the key for the US economy, as it reflects the physical volume of products manufactured by American companies (including mining and utilities) by market and category.