• Main
  • Analytics
  • Market News
  • U.S. industrial production increases more than expected in August
Economic news
17.09.2024

U.S. industrial production increases more than expected in August

The data released by the Federal Reserve on Tuesday revealed that the U.S. industrial production jumped by 0.8 per cent m-o-m in August, following a downwardly revised 0.9 per cent m-o-m fall m-o-m (from -0.6 per cent m-o-m) in July. This represented the strongest monthly gain in industrial production since February (+1.2 per cent m-o-m).

Economists had expected industrial production would increase by 0.2 per cent m-o-m in August.

According to the report, the August growth in total industrial production reflected a rebound in manufacturing production (+0.9 per cent m-o-m), which was primarily due to a recovery in the index of motor vehicles and parts, and a climb in mining output (+0.8 per cent m-o-m). Meanwhile, the output of utilities (flat per cent m-o-m) remained unchanged.

Capacity utilization for the industrial sector rose by 0.6 percentage point m-o-m to 78.0 per cent in August from a downwardly revised 77.4 per cent (from 77.8 per cent) in July. That was 0.1 percentage point above economists’ forecast of 77.9 per cent but 1.7 percentage points below its long-run (1972-2023) average.

In y-o-y terms, the industrial output was unchanged in August, following a downwardly revised 0.7 per cent decline (from -0.2 per cent) in the previous month.

See also