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US industrial production declines in August

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US industrial production declines in August

Fed reports first decline since January.

The Federal Reserve reporting today that the index of industrial production edged down 0.1% in August, and the index for manufacturing output decreased 0.4%.

The declines were the first for each since January.

The gains in July for both indexes were revised down. The declines in total industrial production and in manufacturing output in August reflected a decrease of 7.6% in the production of motor vehicles and parts, which had jumped more than 9% in July.

Excluding motor vehicles and parts, factory output rose 0.1% in both July and August.

Total industrial production in August was 4.1% above its year-earlier level.

Capacity utilization for total industry decreased 0.3% point in August to 78.8%, a rate 1.0 percentage point above its level of a year earlier and 1.3 percentage points below its long-run average.

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