US Industrial Production Higher by 0.4% in August


US Industrial Production Higher by 0.4% in August

The industrial production increased by 0.4% during August, slightly lower than analyst expectations. However, comparing the data for last six months, the manufacturing rose by the highest margin. As per analyst estimates, the factory output was expected to rise by 0.5 percent.

The vehicle sales were strong and stronger consumer demand has resulted in optimism among automakers. Ford Motor has announced plans to increase output from its manufacturing facility. Utilities output was down by 1.5 percent while mining output was stronger by 0.3 percent in August compared to 2.4 percent rise in July.

The global economic recovery has resulted in higher consumer optimism. Also, the global demand pickup has helped US industrial output. Capacity utilization was marginally higher at 76.1 percent in August for manufacturing sector.

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