manufacturing production fell in September, adding to evidence that slowing global growth and trade frictions are weighing on the economy. Manufacturing output, the biggest component of industrial production, fell 0.5% in September from a month earlier, the Federal Reserve said Thursday. Overall industrial production, which includes output at factories, mines and utilities, dropped 0.4% in September and declined 0.1% from a year earlier, the first year-over-year decrease since 2016. Federal Reserve policy makers cut interest rates this year with the goal of cushioning the economy against a slowdown in manufacturing and global growth. “I’m kind of optimistic.”The U.S. is a service-oriented economy, meaning manufacturing accounts for a small share of gross domestic product.

Source: Wall Street Journal October 17, 2019 13:18 UTC