U.S. INDUSTRIAL PRODUCTION UP 0.4%

U.S. FRB - Industrial production rose 0.4 percent in August for its third consecutive monthly increase. Manufacturing output moved up 0.2 percent on the strength of a 4.0 percent rise for motor vehicles and parts; motor vehicle assemblies jumped to an annual rate of 11.5 million units, the strongest reading since April. Excluding the gain in motor vehicles and parts, factory output was unchanged. The output of utilities advanced 1.2 percent, and mining production increased 0.7 percent; the index for mining last decreased in January. At 108.2 percent of its 2012 average, total industrial production was 4.9 percent higher in August than it was a year earlier. Capacity utilization for the industrial sector moved up in August to 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

Market Groups

Most major market groups posted gains in August. The index for consumer goods rose 0.3 percent, as a rebound for automotive products and an increase for energy products outweighed losses for non-automotive durables and non-energy nondurables. The production of business equipment advanced 1.2 percent on gains for transit equipment and for industrial and other equipment.

Defense and space equipment recorded an increase of 0.6 percent, while the index for business supplies moved down 0.3 percent and the index for construction supplies was unchanged. Materials posted an increase of 0.5 percent, as gains for energy materials and for durables were partly offset by a decrease for nondurables.

Industry Groups

Manufacturing output increased 0.2 percent in August and was 3.1 percent higher than its year-earlier level. The index for durables rose 1.0 percent, while the indexes for nondurables and for other manufacturing (publishing and logging) declined 0.5 percent and 0.9 percent, respectively. Within durables, the largest increases were recorded by motor vehicles and parts, primary metals, and machinery, while the only sizable decrease was registered by furniture and related products. By contrast, within nondurables, only textile and product mills posted a gain.

Mining output rose 0.7 percent in August; it has advanced more than 14 percent in the past 12 months, supported by substantial increases in the oil and gas sector. The index for utilities moved up 1.2 percent in August, as a rebound for electric utilities outweighed a small decline for gas utilities.

Capacity utilization for manufacturing edged up in August to 75.8 percent, 2 1/2 percentage points below its long-run average. The operating rate for durables increased, but the rates for nondurables and for other manufacturing both decreased. The utilization rate for mining rose to 92.0 percent and remained well above its long-run average. The rate for utilities went up to 78.0 percent but was more than 7 percentage points below its long-run average.

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