In August, total U.S. industrial production increased by 0.4% month-to-month, following July’s considerable 1.0% gain, according to data released Sept. 15 by the Board of Governors of the Federal Reserve.
Manufacturing output inched up 0.1% in August, following July’s 0.5% gain. The reading was held back by a drop of 5% in the output of motor vehicles and parts, reversing a 0.5% increase in July, while factory output elsewhere rose 0.6% (+0.1% in July).
The August index for mining increased 1.4% month-to-month, while the index for utilities climbed 0.9%.
At 103.5% of its 2017 average, total August industrial production was up 0.2% year-over-year (-0.2% in July). Capacity utilization increased to 79.7% in August (79.3% in July), which is in line with its long-run (1972-2022) average.
August manufacturing output rose 0.1% for a second-straight monthly gain but was down 0.6% year-over-year. The index for durable manufacturing ticked up 0.1% in August, and the index for nondurable manufacturing increased 0.2%. Other manufacturing (publishing and logging) dipped 0.2%.
Within durable manufacturing, gains of more than 1% were seen in industries of primary metals (1.6%); machinery (2.0%); aerospace and miscellaneous transportation equipment (3.3%); furniture and related products (1.3%); and miscellaneous (1.5%). Apart from the large drop in the index for motor vehicles and parts, small declines — all less than 1% — were registered by wood products; nonmetallic mineral products; fabricated metal products; and electrical equipment, appliances, and components. Despite the August drop in the output of motor vehicles and parts, the index was 5.9% above its year-earlier level. Within nondurable manufacturing, gains of 1% or more in August in the indexes for printing and support and for chemicals were partially offset by declines elsewhere.