Industrial production (IP) ticked up 0.1% in August after decreasing 0.4% in July. Manufacturing output rose 0.2% in August after edging down 0.1% in July. Within manufacturing, the production of motor vehicles and parts increased 2.6% in August, while factory output elsewhere edged up 0.1%. The index for mining moved up 0.9%, and the index for utilities decreased 2.0%. At 103.9% of its 2017 average, total IP in August was 0.9% above its year-earlier level. Capacity utilization maintained the same rate of 77.4% in August, a rate that is 2.2%age points below its long-run (1972–2024) average.
The major market groups posted mixed results in August. The index of consumer durables gained 0.6%, largely driven by a 1.3% increase in automotive products, while the index of consumer nondurables rose 0.3% with gains in nearly all of its categories. The index for business equipment edged down 0.1%, as a 1.2% decline in the output of industrial and other equipment more than offset a 2.1% gain in the output of transit equipment and a 0.7% gain in the output of information processing equipment. The index for construction supplies rose 0.6%, while the index for business supplies fell 0.4%. The index for materials edged up 0.1%.
Manufacturing output increased 0.2% in August and was 0.9% above its year-earlier level. In August, the durable manufacturing index increased 0.2% after increasing 0.3% in July. Among the largest durables indexes by weight, motor vehicles and parts posted a 2.6% increase in August while fabricated metal products and machinery both posted declines. The nondurable manufacturing index increased 0.3% in August after dropping 0.5% in July. Among nondurables, the largest gains in August were posted by textile and product mills 2.5% and by petroleum and coal products 1.6%, while the largest decline was posted by plastics and rubber products 0.7%.
Mining output grew 0.9% in August after falling 1.5% in July. In August, the index for utilities decreased 2.0%, as a 2.3% decline in the output of electric utilities more than offset a 0.2% increase in the output of natural gas utilities.
Capacity utilization for manufacturing ticked up 0.1%age point in August to 76.8%, a rate that is 1.4%age points below its long-run (1972–2024) average. The operating rate for mining rose 0.7%age point to 90.6%, and the operating rate for utilities moved down 1.6%age points to 68.6%. The rate for mining was 4.1%age points above its long-run average, while the rate for utilities remained substantially below its long-run average.
Read the Fed release.
