GETTY / BILL PUGLIANO
One more economic indicator signaled the U.S. economy is stronger than anticipated.
Industrial production rose 0.3% in September, the Federal Reserve said in a statement Tuesday. Economists surveyed by Reuters expected a 0.1% increase. In August, output was unchanged.
According to the report, production of consumer durable goods jumped 1.2%, while business equipment contracted 0.7%.
Despite the United Auto Workers strike, the index for motor vehicles and parts still showed a gain of 0.3%. More than 25,000 employees of Ford, General Motors and Stellantis have joined the walkout since it started on Sept. 15, the UAW says.
The Commerce Department said earlier Tuesday that retail sales rose 0.7% in September from August, also beating economists’ estimates of a 0.3% rate.
The International Monetary Fund forecasts the U.S. gross domestic product will grow 2.1% this year, the same pace of 2022, and then slow to 1.5% next year.
