US industrial production fell in August on a large drop in automobile manufacturing
Washington - AFP
US industrial production fell in August on a large drop in automobile manufacturing that partly reversed its solid gain in July, the Federal Reserve reported Tuesday.
Total industrial output fell 0.4 percent in August after an upwardly revised 0.9 percent rise in July, the central bank said.
Manufacturing, which accounts for about 75 percent of industrial production, dropped 0.5 percent, mainly because of the slowdown in production of motor vehicles and parts.
The mining sector reverted to its downtrend from the first half of the year as oil prices fell, falling 0.6 percent.
Utilities was the only group showing higher output, a 0.6 percent gain.
The data left total industrial production in August up 0.9 percent from a year ago.
The lackluster report came ahead of the Federal Reserve's interest rate decision Thursday. Analysts are divided over whether the Fed is confident enough in US growth to raise the zero-level federal funds rate at the meeting.