U.S. Industrial Production Unexpectedly Flat In August
(RTTNews) - With a jump in utilities output offset by a decrease in manufacturing output, the Federal Reserve released a report on Friday showing U.S. industrial production unexpectedly came in flat in the month of August.
The Fed said industrial production was unchanged in August after rising by an unrevised 0.2 percent in July. Economists had expected industrial production to climb by 0.3 percent.
The report showed a sharp increase in utilities output, which surged by 1.8 percent in August after increasing by 0.5 percent in July.
Mining output also crept up by 0.1 percent for the second straight month, while manufacturing output fell by 0.3 percent in August after rising by 0.2 percent in July.
The Fed also said capacity utilization in the industrial sector came in at 76.3 percent in August, unchanged from July. Economists had expected capacity utilization to inch up to 76.4 percent.
Capacity utilization in the utilities sector jumped to 71.3 percent, while capacity utilization in the mining sector crept up to 86.3 percent and capacity utilization in the manufacturing sector dipped to 75.7 percent.
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