US: Industrial production declined 0.9% in Aug following six consecutive monthly gains
|"Industrial production declined 0.9 percent in August following six consecutive monthly gains," announced the Board of Governors of the Federal Reserve on Friday.
Key highlights:
- Hurricane Harvey, which hit the Gulf Coast of Texas in late August, is estimated to have reduced the rate of change in total output by roughly 3/4 percentage point
- The manufacturing industries with the largest estimated storm-related effects were petroleum refining, organic chemicals, and plastics materials and resins.
- The output of mining fell 0.8 percent in August, as Hurricane Harvey temporarily curtailed drilling, servicing, and extraction activity for oil and natural gas.
- Capacity utilization for the industrial sector decreased 0.8 percentage point in August to 76.1 percent, a rate that is 3.8 percentage points below its long-run (1972–2016) average.
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