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15.08.2019 21:50

U.S. industrial output unexpectedly falls in July

The Federal Reserve reported on Thursday that the U.S. industrial production fell 0.2 m-o-m in July, following a revised 0.2 percent m-o-m gain in June (originally flat m-o-m).

Economists had forecast industrial production would increase 0.1 percent m-o-m in July.

According to the report, the mining output fell 1.8 percent m-o-m in July, as Hurricane Barry caused a sharp but temporary decline in oil extraction in the Gulf of Mexico. Meanwhile, the output of utilities rose 3.1 percent m-o-m, while the manufacturing production slid 0.4 percent m-o-m.

Capacity utilization for the industrial sector decreased 0.3 percentage point m-o-m in July to 77.5 percent. That was 0.3 percentage point below economists’ forecast and 2.3 percentage points below its long-run (1972-2018) average.

In y-o-y terms, the industrial output rose 0.5 percent in July, following a revised 1.1 percent advance in the prior month (originally a gain of 1.3 percent).


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