US industrial production continues to rise, but momentum slows
Economist warns that the US needs more workers than the economy has to give and this will lead to a slowdown
Washington — US industrial production increased for a fourth straight month in September, boosted by gains in manufacturing and mining output, but momentum slowed sharply in the third quarter. Other data on Tuesday showed job openings hit a record high in August, far outpacing a rise in hiring, suggesting that companies were increasingly being starved of workers. There are concerns that the worker shortage, especially in manufacturing and construction industries, could hinder economic growth. “Companies need more workers than the economy has to give and this is going to lead to a slowdown in economic growth somewhere down the road,” said Chris Rupkey, chief economist at MUFG in New York. The Federal Reserve said industrial production rose 0.3% last month after increasing 0.4% in August. Economists polled by Reuters had forecast industrial output rising 0.2% in September. Industrial production Industrial production grew at a 3.3% annualised rate in the third quarter, decelerating fro...
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