US industrial production rebounds in October

US industrial production rebounded in October, up 1.6% month-on-month following a 1.3% drop in September.

According to the Federal Reserve, automakers drove a large chunk of the increase, after having previously been impacted by supply chain problems, while fading headwinds stemming from Hurricane Ida also helped bring about the monthly growth in production.

In the major industry groups, manufacturing activity rose 1.2%, while mining surged 4.1% and output at the nation's utilities was up 1.2%.