WASHINGTON (AP) — Production at U.S. factories, mines and utilities edged up in August at the slowest pace in three months.
The Federal Reserve reported Friday that industrial production was up just 0.2 percent in August. That was slower than the 0.3 percent gain that analysts had been expecting.
It was the poorest performance in three months and reflected a 0.3 percent drop in output at U.S. factories, the first decline in manufacturing after five straight increases.
The 0.3 percent gain in industrial output followed much stronger increases of 0.5 percent in July and 0.6 percent in June.
The drop in manufacturing output was accompanied by a decline of 0.6 percent in mining, the category that includes oil production. These declines were offset by a 5.3 percent surge in output at U.S. utilities, reflecting a hotter-than-usual August.
