US industrial production edges past forecasts in September

Industrial production in the U.S. edged past forecasts last month on the back of increased production in manufacturing and mining.

According to the U.S. Department of Commerce, in September total industrial output grew by 0.3% month-on-month (consensus: -0.1%).

By major industry groups, factory production rose by 0.4%, alongside an identical increase in Mining while that of Utilities was down by 0.3%.

Looking at the major market groups however, output of business equipment fell by 0.7%, even as that of construction jumped by 1.0%.

Production of consumer goods and that of materials saw increases of 0.3% and 0.4%, respectively.

"This upturn, however, is extremely gradual; the September manufacturing index is 0.7% above the June trough, but broadly unchanged, net, since the spring," said Kieran Clancy, senior U.S. economist at Pantheon Macroeconomics.

"A sudden surge in activity is extremely unlikely in the near term, given weak capital spending intentions and flatlining manufacturing PMIs in China."