US: Industrial Production expands by 0.4% in August vs. 0.5% expected
|- Industrial Production in US rose modestly in August.
- US Dollar Index stays around mid-92.00s after the data.
Industrial Production in the United States expanded by 0.4% on a monthly basis in August, the data published by the US Federal Reserve revealed on Wednesday. This print followed July's increase of 0.8% (revised from 0.9%) and came in slightly weaker than the market expectation of 0.5%.
Additional takeaways
"Late-month shutdowns related to Hurricane Ida held down the gain in industrial production by an estimated 0.3 percentage point."
"Although the hurricane forced plant closures for petrochemicals, plastic resins, and petroleum refining, overall manufacturing output rose 0.2%."
"Capacity utilization for the industrial sector rose 0.2 percentage point in August to 76.4%, a rate that is 3.2 percentage points below its long-run (1972–2020) average."
Market reaction
The US Dollar Index largely ignored these figures and was last seen losing 0.14% on the day at 90.52.
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