US industrial production weighed down by lower auto output in August
Exxon Mobil Corp.
$119.31
11:10 15/11/24
Industrial output in the US undershot economists' forecasts in August, as manufacturing production fell short and that from utilities surprised to the downside.
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Ford Motor Co.
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11:09 15/11/24
According the Department of Commerce, in seasonally adjusted terms, total industrial output rose at a month-on-month clip of 0.4% month (consensus: 1.0%).
Factory production meanwhile was 1.0% stronger versus July, when it increased by 3.9%, but the consensus had been for a rise of 2.4%.
Factory output was still 6.7% below its February levels, having fallen by 20.3% between February and April.
In August, the main drag in durables production came from auto production, with a slump in that sub-sector more than offsetting strength in the remainder.
Output in Mining fell 2.5% as the price of crude oil declined and that of utilities surprised with a 0.4% drop, instead of remaining flat as expected.
Commerce attributed the decline in Mining to storm-induced reductions in oil and gas extraction.
In comparison to the year earlier level, total industrial production was down by 7.7%.
Industrial capacity use increased from 71.1% to 71.4%, missing forecasts for a reading of 71.7%.