12:58 PM EST, 11/15/2024 (MT Newswires) -- US industrial production decreased for the second consecutive month in October amid a now-resolved strike at plane maker Boeing ( BA ) and the impact of two hurricanes, data from the Federal Reserve showed Friday.

Industrial output fell 0.3% last month following a 0.5% drop in September. The consensus was for a 0.4% decrease in a survey compiled by Bloomberg. Annually, industrial production declined 0.3% in October.

Last week, Boeing ( BA ) reached a labor deal with members of the International Association of Machinists and Aerospace Workers union that represents about 33,000 of the company's workers that had been on strike since mid-September. October's industrial production was also weighed down by Hurricane Milton and "the lingering effects" of Hurricane Helene, the Fed said Friday.

Manufacturing output fell 0.5% in October, following a 0.3% drop the previous month. The index for durable manufacturing decreased 1.2% last month, with aerospace and miscellaneous transportation equipment declining 5.8% following an 8% plunge in September, according to the Fed.

Within durables, motor vehicles and parts fell 3.1%, Fed data showed. Nondurable manufacturing grew 0.1% last month, with petroleum and coal products rising 0.9% and chemicals up 0.6%.

Industrial production this month is likely to get a boost from the resolution to the Boeing ( BA ) strike and fading hurricane effects, though motor vehicle and parts output is not expected to "bounce back soon," Oxford Economics Lead US Economist Bernard Yaros said in remarks e-mailed to MT Newswires.

Mining output rose 0.3% last month, with a drop in coal mining more than offset by a partial rebound in oil and gas extraction following hurricane-induced drops in September, the Fed said. Utilities output grew 0.7% in October, compared with a 0.3% increase in the previous month.

Capacity utilization fell to 77.1% last month from 77.4% in September, according to the report.

Last week, Donald Trump defeated Kamala Harris in the 2024 US presidential election, marking his return to the White House.

"The implications from the election are greatest for the industrial production outlook in 2026 and beyond," Yaros said Friday. "In 2026 and 2027, industrial activity gets a boost from revived business tax breaks and higher military spending, but slows more than previously anticipated in 2028 as the fiscal impulse fades and manufacturers contend with retaliatory tariffs from our major trading partners."

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