September was no easy month for America's factories. They struggled with shortages of materials and qualified workers plus the aftermath of Hurricane Ida, which battered the US gulf coast at the end of August.
US industrial production fell 1.3% last month, according to data collected by the Federal Reserve, which was a disappointment as economists had predicted a modest increase. August production was also revised down. The industrial production index measures output from the manufacturing, mining and electric and gas utilities industries.Similarly, the rate of capacity utilization — which measures the amount of industrial factory capacity that's currently in use — was lower than expected at 75.
Bad news for GDP?Read MoreStill, this is bad news for third-quarter economic activity because"industrial production growth is closely tracking GDP growth in 2021, and likely 2022," said Action Economics' chief economist Mike Englund.The aftermath of Hurricane Ida also contributed to the drop in manufacturing and drove a decline in mining. Nearly half of the total drop in September industrial production was due to the hurricane's impact, the Fed said.
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