The numbers: Industrial production fell a sharp 1.3% in September, the Federal Reserve reported Monday.

The gain was below Wall Street expectations of a 0.2% gain, according to a survey by the Wall Street Journal.

Adding to the sense of weakness in the data, industrial output in August was revised to a fall of 0.1% versus the prior estimate of a 0.4% gain.

Big picture: This is the biggest decline since the depth of the pandemic in the spring of 2020. Manufacturing had been a bright spot even though the sector is struggling with supply bottlenecks.

Market reaction: Stocks
DJIA,
+1.09%

SPX,
+0.75%

were set to open lower Monday after China reported a sizable deceleration in growth in the third quarter.

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