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U.S. August industrial output held down by Hurricane Ida

The numbers: Industrial manufacturing rose 0.4% in August after a revised 0.8% acquire within the prior month, the Federal Reserve reported Wednesday.

The acquire was under economist expectations of a 0.5% acquire, in line with a survey by the Wall Road Journal.

The Fed stated that late month shutdowns associated to Hurricane Ida held down manufacturing by 0.3 share level.

Capability utilization rose to 76.4% in August, the very best fee since December 2019. The capability utilization fee displays the bounds to working the nation’s factories, mines and utilities.  It’s nonetheless under ranges that might fan manufacturing prices and costs.

Large image: That is the sixth straight acquire in industrial output. Economists say the sector’s essential downside is that it could possibly’t meet all the demand.

Market response: Shares
DJIA,
-0.09%

SPX,
-0.08%

had been combined on the open Wednesday as worries about China’s financial system had been offset by robust September Empire state manufacturing facility knowledge from the New York Fed.

https://www.marketwatch.com/story/u-s-august-industrial-output-held-down-by-hurricane-ida-11631713155?rss=1&siteid=rss | U.S. August industrial output held down by Hurricane Ida

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