Keeping you up to date on the latest data releases.
Industrial production increased 0.2 percent (nonannualized) in August, following a 0.9 percent jump up in July. Over the past year, industrial production is up 3.4 percent. Manufacturing production climbed up 0.5 percent in August, following a 0.6 percent in July. Like July’s reading, manufacturing output was bolstered by a relatively large jump up in autos production—which has averaged a 3.1 percent gain over July and August (but still hasn’t returned to its level prior to the Japanese earthquake). After stripping out motor vehicles production, manufacturing output rose 0.4 percent in July and is trending at an annualized growth rate of 3.2 percent over the past three months, slightly below its year-over-year growth rate of 3.6 percent. Outside manufacturing, electric and gas utilities output more than reversed a 2.8 percent (weather-induced) jump, falling 3.0 percent in August. Mining output continued its string of steady increases, rising 1.2 percent in August, and is now up 5.6 percent over the past year. Capacity utilization was revised down a few tenths of a percent over the previous three months (May through July), but rose roughly 0.1 percentage points to 77.4 percent of capacity in August.