U.S. August industrial production fell 0.9% with capacity utilization at 76.1%
U.S. August industrial production fell 0.9% with capacity utilization at 76.1%. Those are weaker than expected, but the Fed said Hurricane Harvey reduced IP by about 0.75%. The 0.2% July production gain was revised up to 0.4%, though June was bumped down to 0.2% from 0.4%. The 76.7% print on July capacity utilization was revised up to 76.9%. Manufacturing production fell 0.3% from July's unchanged, (revised from -0.1%), with motor vehicle and parts bouncing 2.2% from -4.2% (revised from -3.6%), machinery at -1.4% from -0.2% (revised from -0.1%), and computer, electronics at 0.8% from -0.3% (revised from 0.6%). Utilities plunged 5.5% versus the 1.5% July gain (revised from 1.6%). Mining declined 0.8% from 1.3% previously (revised from 0.5%). The Fed indicated Harvey mostly impacted petroleum refining, chemicals and plastics production.