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US industrial output records biggest gain since 1 yr

US industrial output records biggest gain since 1 yr

Mubasher: US industrial production recovered in August, recording the biggest monthly since a year, owing to a surge of mining output, official data showed on Tuesday.

Industrial production, a gauge of factory, mining and utility output, rose by 0.6% last August, compared with a revised decline of 0.1% in July, according to the Federal Reserve Bank’s figures.

Output of mining sector, comprising oil and gas drilling activities, climbed by 1.4% during August, reversing a 1.5% drop in the prior month, while production at US utilities rose by 0.6%.

Production at US factories, which accounts for 75% of the nation’s total industrial output, climbed by 0.5% during August, more than offsetting a downturn of 0.4% in the preceding month.

Production of vehicles and auto parts dropped by 1% last August, after rising by 0.5% in the previous month.

Stripping out auto output, manufacturing production rose by 0.6% in August.

Capacity utilisation, which reflects the constraints to operating factories, mines and utilities in the US, increased by 0.4% to 77.9% during the month.

At 1:44 pm GMT, the EUR/USD pair rose by 0.32% to $1.1036.