The Federal Reserve reported on Tuesday the U.S. industrial production rose 1.1 percent m-o-m in October, following a revised 0.4 percent m-o-m drop in September (originally a 0.6 percent m-o-m decline).

Economists had forecast industrial production would increase by 1.0 percent m-o-m in October.

According to the report, manufacturing output increased 1.0 percent m-o-m in October and the output of utilities rose 3.9 percent m-o-m. Meanwhile, mining production fell 0.6 percent m-o-m.

Capacity utilization for the industrial sector increased 0.8 percentage point m-o-m to 72.8 percent in October. That was 0.5 percentage points above economists’ forecast but 7.0 percentage points below its long-run (1972-2019) average.

In y-o-y terms, the industrial output dropped 5.3 percent in October, following a revised 6.7 percent plunge in the prior month (originally a 7.3 percent decrease).