Industrial output in US soars by 0.8 percent last month, higher than market expectations
Date
9/18/2024 4:56:17 AM
(MENAFN) In August, US industrial production experienced a notable increase of 0.8 percent, surpassing market expectations. Analysts had predicted a more modest gain of 0.2 percent. This positive performance contrasts with the revised figures for July, where industrial production was adjusted downward from an initial decline of 0.6 percent to a more significant drop of 0.9 percent.
The Federal Reserve attributed the August growth to improvements across most major market groups, particularly highlighting the surge in motor vehicle and parts production. This uptick in automotive output played a significant role in the overall industrial production growth observed during the month.
In terms of manufacturing output, there was a 0.9 percent rise in August compared to the previous month. The previous month’s figure for manufacturing was also revised downward, from a decrease of 0.3 percent to a more pronounced decline of 0.7 percent. This revision underscores the robustness of the August performance in the context of recent manufacturing trends.
Capacity utilization, which measures the extent to which the economy's productive capacity is being used, increased to 78.0 percent in August, slightly above the anticipated rate of 77.9 percent. However, the July capacity utilization rate was revised down from an initial 78.4 percent to 77.4 percent, reflecting a less robust economic activity during that month than previously reported.
MENAFN18092024000045015839ID1108686693
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.