Industrial production increased 0.4% in August, according to the Federal Reserve. July’s reading was modified downward to 0.7% and June’s reading was modified up to -0.4% while the readings for previous months stayed mostly the same. Total commercial production in August was 0.2% above its year-ago level. Capacity usage increased 0.2 portion points (pp) to 79.7%, in line with its long term (1972-2022) average.
Manufacturing output edged up 0.1% in August for its 2nd successive month-to-month gain however was 0.6% listed below its year-earlier level. The modification was mostly driven by a 2% boost in equipment and 1.5% boost in various, while there was a 5% reduction in automobile and parts and a 2.4% reduction in fabric and item mills. Production of resilient items edged up 0.1%, while nondurable items production increased 0.2%. Capacity usage for making stayed the exact same at 77.9%, 0.3 pp listed below its long-run average.
Mining output increased 1.4% after a 0.2% decrease in July. The index in August was 3.9% greater than its year-earlier level.
Utilities increased 0.9%, while the index is 1.2% above its year-ago level.
Read the Fed release.