Industrial Production Rises in October

Industrial production rose 0.7% in October, led by a gain in automobile output, the Federal Reserve said Wednesday.

The increase in output from factories, mines and utilities followed a revised 0.1% decline in September that had originally been reported as a 0.2% gain.

The October reading was higher than economists’ projections of a 0.4% increase, Bloomberg reported.

Factory production, which makes up three-quarters of the total, rose 0.5%, the biggest gain in three months.

Production of automobiles and parts increased 3.1%, while factory production excluding autos rose 0.3%.

Capacity utilization, which measures plant output, rose to 77.8%, its highest level since July 2008, from a revised 77.3% in September.

Manufacturing accounts for about an eighth of the U.S. economy and the factory sector is one of trucking’s largest and most important customers.