Industrial production rose 0.4% in August, according to the Federal Reserve. July’s reading was revised downward to 0.7% and June’s reading was revised upward to -0.4% while the readings for previous months remained largely unchanged. Total industrial production in August was 0.2% above its year-ago level. Capacity utilization increased 0.2 percentage points (pp) to 79.7%, in line with its long run (1972-2022) average.
Manufacturing output edged up 0.1% in August for its second consecutive monthly gain but was 0.6% below its year-earlier level. The change was largely driven by a 2% increase in machinery and 1.5% increase in miscellaneous, while there was a 5% decrease in motor vehicles and parts and a 2.4% decrease in textile and product mills. Production of durable goods edged up 0.1%, while nondurable goods production increased 0.2%. Capacity utilization for manufacturing remained the same at 77.9%, 0.3 pp below its long-run average.
Mining output increased 1.4% after a 0.2% decline in July. The index in August was 3.9% higher than its year-earlier level.
Utilities increased 0.9%, while the index is 1.2% above its year-ago level.
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