August Industrial Production Misses Expectations

car transmission factory worker

U.S. industrial production rose by 0.2% in August vs. 0.3% expected according to Finviz.

July’s industrial production growth was also revised down to 0.6% from 1%.

Federal Reserve:

The downward revision in July primarily resulted from newly available data on the output of four industries within manufacturing: iron and steel, construction machinery, paper, and pharmaceuticals.

The index for manufacturing output rose 0.2 per cent in August after having advanced 0.7 per cent in July; the step-down in the rate of increase reflected a fallback in the production of motor vehicles and parts, which had jumped sharply in July. Excluding motor vehicles and parts, manufacturing output increased 0.5 per cent in August after having gained 0.2 per cent in July. Production at mines moved up 1.2 per cent in August, while the output of utilities moved down 1.5 per cent. At 93.2 per cent of its 2007 average, total industrial production in August was 6.2 per cent above its year-earlier level. The capacity utilization rate for total industry rose to 74.7 per cent, a rate 4.7 percentage points above the rate from a year earlier and 5.9 percentage points below its average from 1972 to 2009.

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