Monday, September 15, 2014

Industrial Production Declined in August

Industrial production declined by 0.1% in August, the first monthly decline since January. Two of the three major components increased, with the largest gains in utilities. However, the main index of the three components - manufacturing - declined, indicating a real decline in the headline index. The three-month annualized growth rate dropped to 1.8% in August from 4.1% in July, indicating softening data.

Manufacturing output declined 0.4%, the first month to decline since January. Manufacturing is up 3.6% from year ago levels. The high-tech sector was the main driver in August, growing 1.5%. Motor vehicles and parts dropped 7.6% over the month, following a massive 9.3% jump the month prior.

Mining grew 0.5%, following a 0.3% decline the previous month, continuing a volatile trend. Utilities improved 1.0%.

Read the Federal Reserve release.

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