U.S. factory production unexpectedly fell in September, suggesting that manufacturing’s recovery from the COVID-19 pandemic was slowing heading into the fourth quarter.
Manufacturing production dropped 0.3% last month, the Federal Reserve said on Friday. Data for August was revised up to show to output at factories increasing 1.2% instead of 1.0% as previously reported. Factory production remains 6.4% below its pre-pandemic level. Economists poll had forecast manufacturing output would rise 0.7% in September.