After falling 0.9% in July, industrial production rose 0.8% in August, according to the Federal Reserve. The total index was unchanged from August 2023.
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Manufacturing output increased 0.9% in August and 0.2% from August 2023.
The Reserve board partially attributes these increases to the index of motor vehicles and parts, which rose by nearly 10% in August after an approximate 9% drop in July. This increase more than made up for a small dip in the nondurable consumer goods index.
The index for materials grew 0.9 percent and saw gains across the board, including durable goods (1.6%) and defense and space equipment, which increased 0.5% from July and 3.2% from the previous year.
Among major market groups, business supplies had the only decline, down an additional 0.2% after a 0.7% drop in July.
The index for mining increased by 0.8%, while the index for utilities was unchanged.
Capacity utilization moved up to 77.2%, a figure that is 1.1% below its long-run average.
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