Economics
Factory Output in U.S. Rises Less Than Forecast, Dented by Ida
- Manufacturing production climbed 0.2% after stronger July
- Storm subtracted 0.2 percentage point from figure, Fed says
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Production at U.S. factories rose less than expected in August as Hurricane Ida compounded an ongoing struggle among manufacturers with shortages of materials and labor.
The 0.2% increase followed an upwardly revised 1.6% gain in July, Federal Reserve data showed Wednesday. Total industrial production, which also includes mining and utility output, rose 0.4% in August to finally lift the index above its pre-pandemic level.