Industrial Production Rose 0.8% in August

Washington, DC, September 17, 2024-In August, industrial production rose 0.8% after falling 0.9% in July, according to the Federal Reserve. 

Similarly, the output of manufacturing increased 0.9 percent in August after decreasing 0.7% during the previous month. This pattern was due in part to a recovery in the index of motor vehicles and parts, which jumped nearly 10% in August after dropping roughly 9% in July. The index for manufacturing excluding motor vehicles and parts moved up 0.3% in August. The index for mining climbed 0.8%, while the index for utilities was flat. 

At 103.1% of its 2017 average, total industrial production in August was the same as its year-earlier level. Capacity utilization moved up to 78.0% in August, a rate that is 1.7 percentage points below its long-run (1972–2023) average.