August industrial and manufacturing data
- Prior was +0.2% (revised to +0.4%)
- Estimates ranged from -1.3% to +0.6%
- Capacity utilization 76.1% vs 76.7% expected
- Prior capacity utilization 76.7%
- Manufacturing production -0.3% vs +0.3% expected
- Prior manufacturing production -0.1%
A note from the Fed in the report says Hurricane Harvey reduced output by 0.75 percentage points, noting that it hit refining, chemicals and plastics.
- Petroleum and coal -1.6% m/m
- Mining -0.8% (oil and gas drilling counts as mining)
- Utilities -5.5%
- Electric -5.9%
- Auto production +2.2%, the first increase in 4 months
- Production of consumer goods -0.7%
Looking at the details, there is more than a Harvey skew at work in the industrial production report.
