US industrial production slightly below expectations

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Total industrial production in the US rose 0.4% in August, easing from 0.9% growth in July and missing market consensus of a 0.5 % advance. Late-month shutdowns related to Hurricane Ida held down the gain in industrial production by an estimated 0.3% point. Although the hurricane forced plant closures for petrochemicals, plastic resins, and petroleum refining, overall manufacturing output rose 0.2%. Mining production fell 0.6%, reflecting hurricane-induced disruptions to oil and gas extraction in the Gulf of Mexico. The output of utilities increased 3.3%, as unseasonably warm temperatures boosted demand for air conditioning.

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US industrial production slightly below expectations

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