A report released by the Federal Reserve on Friday showed U.S. industrial production rose by slightly more than expected in the month of August.
The Fed said industrial production climbed by 0.4 percent in August, matching the upwardly revised increase in July.
Economists had expected production to rise by 0.3 percent compared to the 0.1 percent uptick originally reported for the previous month.
The bigger than expected increase in production was partly due to a jump in utilities output, which surged up by 1.2 percent in August after inching up by 0.1 percent in July.
Mining output also climbed by 0.7 percent for the second straight month, while manufacturing output edged up by 0.2 percent in August after rising by 0.3 percent in July.
The Fed said the modest increase in manufacturing output reflected a 4.0 percent spike in the production of motor vehicles and parts.
The report also said capacity utilization for the industrial sector rose to 78.1 percent in August from a revised 77.9 percent in July. Capacity utilization had been expected to rise to 78.2 percent.
Capacity utilization in the manufacturing sector inched up to 75.8 percent, while capacity utilization in the mining and utilities sectors edged up to 92.0 percent and 78.0 percent, respectively.
The material has been provided by InstaForex Company – www.instaforex.com