WASHINGTON (dpa-AFX) - A report released by the Federal Reserve on Friday showed industrial production in the U.S. increased by more than expected in the month of September.
The Fed said industrial production climbed by 0.7 percent in September following a revised 0.1 percent uptick in August.
Economists had expected industrial production to rise by 0.4 percent compared to the unchanged reading originally reported for the previous month.
The bigger-than-expected increase in industrial production partly reflected a spike in utilities output, which surged by 3.5 percent in September after jumping by 1.5 percent in August.
Manufacturing output also rose by 0.3 percent in September after dipping by 0.2 percent in August, while mining output crept up by 0.2 percent in September after climbing by 0.5 percent in August.
The Fed also said capacity utilization in the industrial sector increased to 76.9 percent in September from an upwardly revised 76.4 percent in August.
Economists had expected capacity utilization to rise to 76.5 percent from the 76.3 percent originally reported for the previous month.
Capacity utilization in the utilities sector jumped to 73.8 percent, while capacity utilization in the mining and manufacturing sectors ticked up to 87.5 percent and 75.9 percent, respectively.
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