US Aug industrial output posts steepest decline since Jan 2014
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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