Fed report shows factory output rose in August, though somewhat slower than analysts expected.
September 15, 2003: 9:28 AM EDT
NEW YORK (CNN/Money) - Production from the nation's factories, mines and utilities edged up in August, the Federal Reserve said Monday.
The report showed industrial production rose 0.1 percent in August after rising an upwardly revised 0.7 percent in July. Economists, on average, expected production to rise 0.2 percent, according to a Reuters poll.
Capacity utilization, the percentage of production capacity factories used in the month, was 74.6 percent, matching July's utilization rate and the expectations of economists polled by Reuters.
The report had little impact on U.S. stock market futures, which continued to trade higher, pointing to a positive opening on Wall Street. Treasury bond prices fell.
Most of the gain in the headline production index was due to a 1.9-percent jump in the output of utilities. Mining output rose 0.2 percent.
But manufacturing output fell 0.1 percent in August after rising for three straight months.
Production of durable goods -- items meant to last three years or more -- fell 0.2 percent, reflecting a 2.6-percent decline in the output of motor vehicles and parts. The Fed said the August power outage in the Northeastern United States, along with auto model changeovers, contributed to the drop in auto production.
Production of business equipment was strong in the month, rising 0.5 percent, and consumer non-durables production rose 0.2 percent.
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