WASHINGTON (AP) — U.S. industrial production rose in October at the fastest rate in three months. Factories made more cars, electronics and business equipment, a sign that manufacturing is recovering after slowing this spring.
The Federal Reserve says output at the nation’s factories, utilities and mines rose 0.7 percent last month.
Factory output, the largest component of industrial production, rose a solid 0.5 percent, the fourth straight monthly gain. Production of business equipment rose 1 percent, its sixth straight monthly increase. Electrical equipment, appliances and transportation equipment all climbed more than 2 percent. Autos and parts surged 3.1 percent.
Industrial production has increased 13.4 percent since its trough in June 2009. It remains 5.3 percent below its pre-recession peak, reached in September 2007.