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US Aug industrial output posts steepest decline since Jan 2014

by ChemOrbis Editorial Team -
  • 16/09/2015 (10:32)
According to media reports, the country’s industrial output posted the steepest decline seen since January 2014 in August. Data released by the US Federal Reserve showed that industrial production in the US declined 0.5% in August following a revised increase of 0.9% in the previous month. Economists’ initial estimates called for an increase of 0.3% in a survey conducted by Bloomberg.

The larger than expected decrease was attributed to weakening output of motor vehicles, which slid 6.4% after jumping 10.6% in the previous month. In addition, a stronger dollar also weighed on overseas demand. The data also showed that utility output climbed 0.6% after falling 0.2% in the previous month while mining declined 0.6% in August.

Meanwhile, according to recent data, excluding motor vehicles, factory production remained steady in August while total industrial production excluding mining and utilities fell 0.4% after increasing 0.9% in July.

The Fed also reported that the country’s capacity utilization rate fell to 77.6% in August from 78% in the previous month.
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