The Federal Reserve reported that total industrial production remained unchanged in August. This result missed the consensus forecast of a 0.3% increase. Output grew by 0.2% in July.
Manufacturing output fell 0.3% during the month. Utilities output rose 1.8%. Mining output increased 0.1%. Total industrial production sits 1.4% above previous-year levels.
Capacity utilization remained at 76.3%. This rate is 3.1 percentage points below its long-run average. The data indicates that factories, mines, and utilities have room to increase production.