US industrial production rises more than expected
By Benjamin Chiou
Date: Tuesday 17 Sep 2024
(Sharecast News) - US industrial production bounced back in August, rising much more than economists had expected, according to data released on Tuesday by the Federal Reserve.
Industrial output increased by 0.8% last month - the biggest monthly gain since February - following a 0.9% fall in July.
Analysts had expected a rebound of just 0.2%.
By major industry groups, manufacturing output increased by 0.9% over the month, while mining output rose 0.8%, offsetting a stable performance by utilities production.
The Fed said that most of August's expansion came from the auto sector, with production of motor vehicles and parts surging 10.5%. If auto-related production is excluded, output would have risen by just 0.3%.
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