U.S. industrial production rebounded more than expected in August following a decline registered in the prior month as manufacturing and mining output recovered month over month, data from the Federal Reserve showed.
Seasonally adjusted industrial production rose 0.6% month over month in August, following a revised 0.1% decline in July. Econoday's consensus estimate was for industrial production to gain 0.2% in August.
Manufacturing output increased 0.5% after dropping 0.4% in the previous month, and mining output rose 1.4% after July's revised 1.5% fall.
Meanwhile, the index for utilities gained 0.6% compared with an upwardly revised 3.7% increase registered in the previous month.
Year over year, industrial production was up 0.4% in August.
Industrial capacity utilization in August advanced 0.4 percentage point to 77.9%, a rate that is 1.9 percentage points lower than its long-run average.
