Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
Manufacturing PMIs have surged over the past few months, showing a clear breakout V-shaped recovery that has put the indexes of sentiment at the highest levels since 2018, but the hard numbers continue to lag.
Driving the news: The Fed's index of industrial production, which tracks output at factories, mines and utilities, fell a seasonally adjusted 0.6% last month after consistent increases since May, and output remains 7.1% below where it was in February.
Why it matters: PMI reports, especially in the manufacturing sector, are major indicators economists have pointed to as proof the economy is recovering quickly.
Details: Manufacturing, the biggest component of production, fell 0.3%, after rising 1.2% in August.
- Utility production fell 5.6% due to a decline in air conditioning use.
- Mining output rose 1.7%.
- Capacity utilization, a measure of slack in the industrial economy, fell to 71.5% in September from a revised 72% in August. Economists forecast capacity utilization would rise to 71.8%.
My thought bubble: The tea kettle spout shape of a quick bounceback and decline seen in the chart of manufacturing industrial production is eerily similar to the shape of other U.S. data points, most notably employment.