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16-09-2014, 07:46 AM
US industrial production falls in August
AFP SEPTEMBER 16, 2014 12:15AM
US industrial production unexpectedly fell in August after six months of gains, dragged down by a slump in automobile manufacturing, the Federal Reserve has reported.
Overall industrial production declined 0.1 per cent on the month, surprising analysts who on average had forecast a 0.3 per cent increase.
Compared with a year ago, industrial production was up 4.1 per cent in August.
Manufacturing output fell 0.4 per cent in August - the first time since January that total output and manufacturing output fell.
"The shortfall is somewhat misleading because it owes to a temporary reversal in motor vehicle and parts production where the trend is very strong, though the trend in manufacturing does appear a bit weaker outside of autos," said Aaron Smith of Moody's Analytics on Monday.
Production of cars and trucks and parts dropped 7.6 per cent after surging more than nine per cent in July.
Stripping out automobile production, manufacturing rose 0.1 per cent in both July and August.
Mining production rebounded, increasing 0.5 per cent from a 0.3 per cent drop.
Utilities output rose for the first time in three months, by 1.0 per cent.
Capacity use dipped to 78.8 per cent from 79.1 per cent in July.
The Fed downwardly revised July's output growth by half, to 0.2 per cent.
AFP SEPTEMBER 16, 2014 12:15AM
US industrial production unexpectedly fell in August after six months of gains, dragged down by a slump in automobile manufacturing, the Federal Reserve has reported.
Overall industrial production declined 0.1 per cent on the month, surprising analysts who on average had forecast a 0.3 per cent increase.
Compared with a year ago, industrial production was up 4.1 per cent in August.
Manufacturing output fell 0.4 per cent in August - the first time since January that total output and manufacturing output fell.
"The shortfall is somewhat misleading because it owes to a temporary reversal in motor vehicle and parts production where the trend is very strong, though the trend in manufacturing does appear a bit weaker outside of autos," said Aaron Smith of Moody's Analytics on Monday.
Production of cars and trucks and parts dropped 7.6 per cent after surging more than nine per cent in July.
Stripping out automobile production, manufacturing rose 0.1 per cent in both July and August.
Mining production rebounded, increasing 0.5 per cent from a 0.3 per cent drop.
Utilities output rose for the first time in three months, by 1.0 per cent.
Capacity use dipped to 78.8 per cent from 79.1 per cent in July.
The Fed downwardly revised July's output growth by half, to 0.2 per cent.