U.S. Industrial Production Falls 0.4% In August, Matching Expectations

Industrial production fell a seasonally adjusted 0.4% in August, the Federal Reserve said Tuesday, in line with expectations. Output in July was revised up to a rise of 0.9% from the prior reading of a 0.6% gain. Beneath the headlines, manufacturing output was down 0.5% in August after a 0.9% gain in July. Output of autos and parts fell 6.4% in the month, the biggest drop since April 2011. Excluding autos, manufacturing was flat. Mining output declined 0.6% last month while utility output rose 0.6%. Capacity utilization dipped to 77.6% from 78.0% in July.