US Manufacturing Output Unexpectedly Contracts in August Amid Rising Cost Pressures

Deep News09-18 21:40

American manufacturing output took an unexpected downturn in August, as producers grapple with escalating input expenses and a cooling trend in business equipment production.

Data released by the Federal Reserve on Friday revealed that manufacturing output fell by 0.3% last month. This reading sharply contrasted with the median forecast of a 0.3% expansion predicted by economists surveyed by Bloomberg.

The broader measure of total industrial production, which also encompasses mining and utilities sectors, remained flat overall. Notably, utilities output registered a solid gain of 1.8% for the month, while mining production saw only a slight uptick.

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