US: Industrial Production contracts by 1.3% in September vs. +0.2% expected
|- Industrial Production in US fell sharply in September.
- US Dollar Index continues to fluctuate near 94.00.
Industrial Production in the United States declined by 1.3% on a monthly basis in September, the data published by the US Federal Reserve revealed on Monday. This reading followed August's expansion of 0.4% and came in worse than the market expectation for an increase of 0.2%.
"The production of motor vehicles and parts fell 7.2%, as shortages of semiconductors continued to hobble operations, while factory output elsewhere declined 0.3%," the publication further read. "Capacity utilization for the industrial sector fell 1.0 percentage point in September to 75.2%, a rate that is 4.4 percentage points below its long-run (1972–2020) average."
Market reaction
This report doesn't seem to be having a significant impact on the dollar's performance against its rivals. As of writing, the US Dollar Index was up 0.06% on the day at 94.02.
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