US Industrial Production Rises More Than Expected In August

WASHINGTON (Alliance News) - A report released by the Federal Reserve on Friday showed US ...

Alliance News 14 September, 2018 | 2:43PM
Email Form

WASHINGTON (Alliance News) - A report released by the Federal Reserve on Friday showed US industrial production rose by slightly more than expected in the month of August.

The Fed said industrial production climbed by 0.4% in August, matching the upwardly revised increase in July.

Economists had expected production to rise by 0.3% compared to the 0.1% uptick originally reported for the previous month.

The bigger than expected increase in production was partly due to a jump in utilities output, which surged up by 1.2% in August after inching up by 0.1% in July.

Mining output also climbed by 0.7% for the second straight month, while manufacturing output edged up by 0.2% in August after rising by 0.3% in July.

The Fed said the modest increase in manufacturing output reflected a 4.0% spike in the production of motor vehicles and parts.

The report also said capacity utilization for the industrial sector rose to 78.1% in August from a revised 77.9% in July. Capacity utilization had been expected to rise to 78.2%.

Capacity utilization in the manufacturing sector inched up to 75.8%, while capacity utilization in the mining and utilities sectors edged up to 92.0% and 78.0%, respectively.

Copyright RTT News/dpa-AFX

Email Form
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.