US industrial production declines in October

US industrial production declined unexpectedly in October, figures released on Tuesday showed.

According to figures released by the Federal Reserve, output fell 0.2% last month, the same rate of decline registered in September.

Factory output rose 0.4% month-on-month rebounding from a 0.1% decline in the previous month and above analysts’ expectations for a 0.2% gain, although the report revealed overall production was held back by a drop in mining and utility output, with both sector registering a 6.9% and 1.5% decline respectively.

Meanwhile, capacity utilisation fell to 77.5% from an upwardly revised 77.7%, in line with analysts' forecasts.

A preliminary estimate of the degree of slack in the country's industrial sector had pegged capacity utilisation at 77.5%.