403
Sorry!!
Error! We're sorry, but the page you were
looking for doesn't exist.
U.S. Manufacturing Rebounds In August
(MENAFN- The Rio Times) The Federal Reserve reported a significant uptick in U.S. industrial production for August. Output rose 0.8%, surpassing market expectations of a 0.1% increase.
This growth contrasted sharply with July's 0.9% decline. Motor vehicle manufacturing played a pivotal role in August's rebound.
The sector saw a nearly 10% jump after July's 9% drop. Hurricane Beryl had impacted July's figures more severely than anticipated.
Excluding the volatile automotive sector, industrial production still climbed 0.3%. Mining output increased by 0.8%, while utilities remained steady.
These figures paint a picture of broad-based industrial growth. Consumer spending also showed resilience in August, defying analysts' predictions.
Retail sales inched up 0.1% to $710.8 billion, contrary to the expected 0.2% decrease. This suggests consumers are prioritizing essentials amid high interest rates.
Car dealerships experienced a slight 0.1% dip in sales. Gasoline stations saw a more pronounced 1.2% decline. However, online retailers bucked the trend with a 1.4% sales increase.
Business inventories rose 0.4% in July, exceeding the anticipated 0.3% growth. This increase could potentially boost third-quarter economic growth.
Inventories grew 2.5% year over year in July. These data points offer valuable insights into the U.S. economy's current trajectory.
They suggest resilience in manufacturing and consumer spending despite ongoing economic challenges. The Federal Reserve will likely consider these trends in its upcoming monetary policy decisions.
This growth contrasted sharply with July's 0.9% decline. Motor vehicle manufacturing played a pivotal role in August's rebound.
The sector saw a nearly 10% jump after July's 9% drop. Hurricane Beryl had impacted July's figures more severely than anticipated.
Excluding the volatile automotive sector, industrial production still climbed 0.3%. Mining output increased by 0.8%, while utilities remained steady.
These figures paint a picture of broad-based industrial growth. Consumer spending also showed resilience in August, defying analysts' predictions.
Retail sales inched up 0.1% to $710.8 billion, contrary to the expected 0.2% decrease. This suggests consumers are prioritizing essentials amid high interest rates.
Car dealerships experienced a slight 0.1% dip in sales. Gasoline stations saw a more pronounced 1.2% decline. However, online retailers bucked the trend with a 1.4% sales increase.
Business inventories rose 0.4% in July, exceeding the anticipated 0.3% growth. This increase could potentially boost third-quarter economic growth.
Inventories grew 2.5% year over year in July. These data points offer valuable insights into the U.S. economy's current trajectory.
They suggest resilience in manufacturing and consumer spending despite ongoing economic challenges. The Federal Reserve will likely consider these trends in its upcoming monetary policy decisions.
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.
Most popular stories
More Story
Comments
No comment