August industrial output slows to 0.4% gain after Ida strike

→ The Gold Grab of the Century (From Colonial Metals) (Ad)

In this March 24, 2021 photo, a sign stands near an entrance to a General Motors assembly plant in Wentzville, Mo. U.S. factory production in July posted the strongest gain in 4 months, reflecting a surge in production at auto plants that are still confronting major supply chain problems. The Federal Reserve reported Tuesday, Aug. 17, that manufacturing output increased 1.4% in July following decline of 0.3% in July. (AP Photo/Jeff Roberson)

WASHINGTONIn (AP) — U.S. industrial production slowed to a 0.4% gain in August as the shutdowns caused by Hurricane Ida curbed manufacturing activity.

Closures of petrochemical plants and petroleum refining along the Gulf Coast shaved 0.3 percentage points from output, the Federal Reserve reported Wednesday, which was just half the 0.8% increase recorded in July.

Industrial production covers manufacturing, utilities and mining. For just manufacturing, factory output slowed to a 0.2% gain, reflecting the hurricane impact, following a much stronger 1.6% increase in July. The August increase was led by a big gain in furniture production.

Manufacturing has been hobbled in recent months by snarled supply chains particularly in such areas as production of computer chips for cars.

Output at the nation's utilities rose 3.3% in August while output in mining was down 0.6%.

→ FW: 234x Gain (From Weiss Ratings) (Ad)

Where should you invest $1,000 right now?

Before you make your next trade, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.

Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.

They believe these five stocks are the five best companies for investors to buy now...

See The Five Stocks Here

7 Stocks to Buy And Hold Forever Cover

Click the link below and we'll send you MarketBeat's list of seven stocks and why their long-term outlooks are very promising.

Get This Free Report

Featured Articles and Offers

Search Headlines: