On Tuesday, the U.S. reported an increase in manufacturing in October, the first hike in three months, according to Bloomberg News.
The increase was about 0.4 percent, more than a previous Bloomberg survey predicted, and was driven by motor vehicles and construction materials. There were also increases in textile products, appliances, primary metals and electrical equipment.
"It's too early to declare the inventory correction over, but it certainly hints there's less of a drag at the start of Q4 than at the start of Q3," said Sam Coffin, a top analyst in factory output and economist at UBS Securities.
The recent increase in factory output raised the U.S. dollar to a new high as well and could also spell a rise in interest rates from the Federal Reserve, according to CNBC.
"Breaking out of a holding pattern, the dollar index jumped nearly 60 basis points early Tuesday morning and continued moving higher," reported CNBC. "The index, which measures the greenback against a basket of major currencies, was last up 0.49 percent to 97.403."
The increase follows the Federal Reserves reported a 0.1 percent drop in Sept., along with a mining production decrease of 2.4 percent, according to Construction Equipment.
