Monday, September 16, 2013

Industrial Production Increased in August

Industrial production increased 0.4% in August, after remaining stagnant in July. The gains were weaker than anticipated, but the strongest since February. August’s report included minor revisions to the previous 5 month’s gains.

Manufacturing output rose 0.7% in August, the largest growth in 6 months. It reverses the 0.4% decline in July. The auto sector contributed heavily to manufacturing gains, surging 5.2%. Durable and nondurable goods output increased 1.2% and 0.1% respectively. Excluding motor vehicles, total manufacturing output rose 0.4%.

Mining also saw growth in August, albeit more modest at 0.3%. Utilities continued a declining trend, decreasing 1.5%.

Read the Fed release.

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