This decline is a result of the Boeing strike and hurricanes Milton and Helene.

US industrial production fell 0.3% in October, remaining in negative territory after a 0.5% contraction in September, the US Federal Reserve (Fed) reported on Friday.

According to the Fed, this decline is a result of the Boeing strike and hurricanes Milton and Helene. “A strike at a major civil aircraft producer dampened total IP growth by approximately 0.3 percentage points in September and 0.2 percentage points in October,” it said in a statement.

By market, consumer goods manufacturing remained stable, while business equipment fell by 2.7%. Overall, finished products fell by 0.6% month on month.

In addition, production in the materials sector stagnated, but non-industrial supplies fell by 0.1%. Within the latter sector, construction recorded an increase of 0.1%.

In terms of industrial branches, manufacturing declined by 0.5% from the previous decline of 0.3%. Mining production then expanded by 0.3%, while the consumer services sector grew by 0.7%.

On an annual basis, industrial production in the world's largest economy was three-tenths lower in October this year than in the same month in 2023. However, it was 2.3% higher than the 2017 average.