USA: industrial production slowed by hurricane Ida in August (Fed)

USA: industrial production slowed by hurricane Ida in August (Fed)
USA: industrial production slowed by hurricane Ida in August (Fed)

Industrial production rose 0.4% in August, in line with expectations, from 0.8% in July, according to data revised downward.

American industrial production, as expected, grew less quickly in August than in July, penalized in particular by Hurricane Ida which hit Louisiana at the very end of the month, according to data released Wednesday by the American Central Bank (Fed ).

Industrial production rose 0.4% in August, in line with expectations, from 0.8% in July, according to data revised downward.

Factory closures linked to Hurricane Ida, which hit Louisiana on August 29, “reduced the gain in industrial production by about 0.3 percentage point,” the statement said.

In detail, “although the hurricane forced the closure of plants for petrochemicals, plastic resins and petroleum refining, overall manufacturing production increased by 0.2%”, details the Fed.

Mining production fell 0.6%, “reflecting disruptions in oil and gas extraction in the Gulf of Mexico due to the hurricane.”

As for the production of utilities (water, electricity), it increased by 3.3%, the unusually warm temperatures having stimulated the demand for air conditioning.

Overall, industrial production is thus 5.9% above its August 2020 level, but remains 0.3% below that of February 2020, just before the pandemic.

The industrial capacity utilization rate continues to grow, increasing by 0.2 percentage point to 76.4%, a rate 3.2 percentage points lower than the average calculated between 1972 and 2020.

 
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