After September’s production increase, Sandy cooled down the production rate for October 0.4%.
Hurricane Sandy's damage spread wider across the country, striking factory production, according to a report from the Federal Reserve.
After September’s production increase, the production rate in the United States fell across most major industries in the country in October. According to the Industrial Production and Capacity Report, superstorm Sandy squashed production in the Northeast by nearly a full percent, dropping the overall rate by 0.4%.
Mine productions increased 1.5%, and utility output remained relatively unchanged September.
Manufacturing in the United States has seen a significant slowdown, battling slower global growth and a European recession.
“Manufacturing is soft,” Guy Berger, an economist at RBS Securities Inc., told Bloomberg, before the report was released. “The economy’s moving along at a pace that’s generally disappointing.”
The report does have some data to keep manufacturers optimistic. Total industrial production in October was 1.7% above its year-earlier level.
Click here to read the full report on Bloomberg.