WASHINGTON – Industrial production rose 0.8% in August, in line with economists’ estimates, though production was down 10.7% from a year ago, the Federal Reserve reported today.
July’s industrial production was revised higher to a 1.0% increase from the initially reported 0.5% rise.
Capacity utilization rose to 69.6% from 69.0% in July. The figure is 11.3 percentage points below the average for the period between 1972 and 2008.
Excluding motor vehicles and parts, industrial production rose 0.4%.
Economists expected industrial production to rise 0.6% in August and for capacity utilization to be 69.0%, according to the median estimate from Thomson Reuters.
Manufacturing production rose 0.6% following an upwardly-revised 1.4% increase in July. Utilities production rose 1.9% as temperatures turned warmer in August and energy demand increased.
