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U.S. industrial production falls more than expected in August

Xinhua, September 16, 2016 Adjust font size:

U.S. industrial production fell more than expected in August after expanding for two consecutive months, the Federal Reserve said Thursday.

Industrial production, an indicator of manufacturing, mines and utilities output, declined 0.4 percent in August from the previous month, following a revised 0.5 percent gain in June and a revised 0.6 percent rise in July, the Fed said. Economists had forecasted a 0.2 percent drop for industrial production last month.

The manufacturing output, the largest component of the overall industrial production, declined 0.4 percent in August, reversing its increase in the previous month.

Following two consecutive monthly gains, utilities output fell 1.4 percent last month, while mining output rose 1 percent after an extended period of weakness.

The decline in overall industrial sector, coming after the release of weak retail sales data in August, suggesting that U.S. economic growth in the third quarter might not be as strong as previously estimated.

The U.S. economy grew at an annual rate of 1.1 percent in the second quarter this year, following a sluggish pace of 0.8 percent in the first quarter, according to the Commerce Department. Enditem