August's Industrial Production Rose 0.4%

Washington, DC, September 15, 2023-Industrial production increased 0.4% in August, and manufacturing output inched up 0.1%, according to the Federal Reserve. 

The August reading for manufacturing was held back by a drop of 5% in the output of motor vehicles and parts; factory output elsewhere rose 0.6%. The index for mining moved up 1.4%, and the index for utilities climbed 0.9%. At 103.5% of its 2017 average, total industrial production in August was 0.2% above its year-earlier level. Capacity utilization moved up to 79.7% in August, in line with its long-run (1972–2022) average.