U.S. industrial production posts 6-month high in October

http://feeds.reuters.com/~r/reuters/topNews/~3/9G6r9o18Ha4/u-s-industrial-output-surges-as-hurricane-related-disruptions-fade-idUSKBN1DG1WA WASHINGTON (Reuters) - U.S. industrial production recorded its biggest increase in six months in October as the drag from hurricane-related disruptions unwound, but the underlying growth trend in output at the nation’s factories, mines and utility plants remained moderate.

Other data on Thursday showed an unexpected rise in new filings for unemployment benefits last week in part because of the processing of a backlog of applications from Puerto Rico. The reports are consistent with an economy growing at a steady clip and tightening labor market conditions, likely keeping the Federal Reserve on course to raise interest rates next month.

“With encouraging fundamentals in place, we expect the slow but steady improvement in the U.S. factory sector to continue in the coming months,” said Tim Quinlan, a senior economist at Wells Fargo Securities in Charlotte, North Carolina.

The Fed said industrial production accelerated 0.9 percent last month with output at factories surging 1.3 percent as operations returned to normalcy after being disrupted by Hurricanes Harvey and Irma, which made landfall in late August and early September.

Other data on Thursday showed an unexpected rise in new filings for unemployment benefits last week in part because of the processing of a backlog of applications from Puerto Rico. The reports are consistent with an economy growing at a steady clip and tightening labor market conditions, likely keeping the Federal Reserve on course to raise interest rates next month.

“With encouraging fundamentals in place, we expect the slow but steady improvement in the U.S. factory sector to continue in the coming months,” said Tim Quinlan, a senior economist at Wells Fargo Securities in Charlotte, North Carolina.

The Fed said industrial production accelerated 0.9 percent last month with output at factories surging 1.3 percent as operations returned to normalcy after being disrupted by Hurricanes Harvey and Irma, which made landfall in late August and early September.

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About Kelvin Ching

I'm a professional Forex trader and I have been trading for over 7 years. I was a series 3 broker and a registered CTA with the NFA, the main regulatory agency in the United States, and I have been involved at the highest levels in commodity trading. I also have a background in Information Technology, graphics design, and programming... I'm the co-founder of CurrencyNewsTrading.com, a site dedicated to fundamental analysis and news trading.

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