US Industrial Output Tops Forecasts

Industrial production in the US rose 0.7% month-over-month in September, the most in five months and more than market expectations of 0.4%. Manufacturing output, which accounts for about 78% of total industrial production, increased 0.3%, in line with market expectations. Meanwhile, mining production advanced 0.2%, and utilities rose 3.5%, supported by increased output from both electric and natural gas utilities. Capacity utilisation also improved, reaching 76.9% in September. Despite the monthly increase, the rate remained 2.5 percentage points below its long-term average for 1972–2025. For the third quarter as a whole, industrial production grew at an annualised rate of 2.8%.

Industrial production in the US was unchanged in August after increasing 0.2% in July, falling short of market expectations for a 0.3% rise. Manufacturing output, which accounts for around 78% of total industrial production, declined 0.3%, ending a seven-month streak of consecutive increases. Mining activity edged up 0.1%, while utilities output climbed 1.8%. The increase in utilities was driven by stronger electric utility production, which more than offset a decline in natural gas utilities. Capacity utilisation was unchanged at 76.3%, remaining 3.1 percentage points below its long-run average for 1972–2025.

Industrial production in the United States increased by 0.2% in July 2026, falling short of market expectations for a 0.3% rise, following an upwardly revised 0.3% increase in June. Manufacturing output, which accounts for about 78% of total industrial production, went up 0.2% in July after rising 0.3% in June, in line with forecasts. Manufacturing output excluding motor vehicles and parts increased 0.4%. Mining production increased by 1.3%. Meanwhile, mining output grew 0.2%, and utilities output rose 0.5%, with similarly sized increases in electric and natural gas utilities. Capacity utilization edged up to 76.3%, a rate that is 3.1 percentage points below its long-run (1972–2025) average.