Updated: 17-Sep-24 09:43 ET

August Industrial Production

Updated: 17-Sep-24 09:43 ET

Highlights

• Total industrial production increased 0.8% month-over-month in August (Briefing.com consensus 0.1%) following a downwardly revised 0.9% decline (from -0.6%) in July.
• The capacity utilization rate increased to 78.0% (Briefing.com consensus 77.9%) from a downwardly revised 77.4% (from 77.8%) in July.
• Total industrial production was flat yr/yr while the capacity utilization rate was 1.7 percentage points below its long-run average.

Key Factors

• Manufacturing output jumped 0.9% following a downwardly revised 0.7% decline (from -0.3%) in July. Excluding motor vehicles and parts, the index for manufacturing was up 0.3%. Durable manufacturing surged 2.1% after a downwardly revised 1.5% decline (from -0.9%) in July while the index for nondurable manufacturing fell 0.2%. Manufacturing capacity utilization rose to 77.2% from a downwardly revised 76.6% (from 77.2%) in July.
• Mining production was up 0.8% following a downwardly revised 0.4% decline (from flat) in July. Mining capacity utilization increased to 90.0% from an upwardly revised 89.2% (from 88.8%) in July.
• The output of utilities was flat following an upwardly revised 3.0% decline (from -3.7%) in July. Utilities capacity utilization slipped to 70.5% from a downwardly revised 70.7% (from 71.0%) in July.

Big Picture

• The key takeaway from the report is that industrial production snapped back in August, led by manufacturing output and a near 10% increase in the index of motor vehicles and parts, after being depressed by Hurricane Beryl in July.

Category	AUG	JUL	JUN	MAY	APR
Industrial Production
Total Index	0.8%	-0.9%	0.1%	0.7%	-0.1%
Manufacturing	0.9%	-0.7%	-0.2%	0.8%	-0.6%
Utilities	0.0%	-3.0%	1.6%	2.2%	3.6%
Mining	0.8%	-0.4%	0.3%	-0.5%	0.2%
Capacity Utilization
Total Industry	78.0%	77.4%	78.2%	78.2%	77.7%
Manufacturing	77.2%	76.6%	77.2%	77.5%	76.9%