U.S. August industrial output falls 0.1% Friday, September 15, 2006
Industrial output fell by 0.1% in the month, following an unrevised 0.4% gain in July, the Fed said. The decline was led by a 0.8% drop in production at utilities. Utilities' output rose by a revised 1% in July. Many parts of the United States experienced high temperatures in July.
Economists were expecting industrial production to rise by 0.2%. Year over year, industrial production is up 4.7%.
Manufacturing production was flat in August, the Fed report shows. It rose by a revised 0.4% in July and 0.9% in June. Output at manufacturers was previously estimated to have risen only 0.1%. Production of business equipment fell for the first time since May, by 0.2%. Despite the drop in August, it's up 13.5% year over year.
The moderating rate of industrial production may give the Federal Reserve another reason to hold interest rates steady at its next meeting, scheduled for Sept. 20.
Economists were expecting industrial production to rise by 0.2%. Year over year, industrial production is up 4.7%.
Manufacturing production was flat in August, the Fed report shows. It rose by a revised 0.4% in July and 0.9% in June. Output at manufacturers was previously estimated to have risen only 0.1%. Production of business equipment fell for the first time since May, by 0.2%. Despite the drop in August, it's up 13.5% year over year.
The moderating rate of industrial production may give the Federal Reserve another reason to hold interest rates steady at its next meeting, scheduled for Sept. 20.
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