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US Industrial Production Rebounds to Above Pre-Pandemic Level

A new report from the Federal Reserve shows that U.S. factory production expanded in August though at a far slower pace than in July, with disruptions related to Hurricane Ida blamed for the relatively weak print. Still, total industrial production in August rose above its pre-pandemic level. After growing 0.8 percent in July, overall U.S. industrial production expanded by 0.4 percent in August, the Fed said in a Sept. 15 release (pdf). “Late-month shutdowns related to Hurricane Ida held down the gain in industrial production by an estimated 0.3 percentage point,” the Fed noted in the report. Over the year, factory production advanced 5.9 percent, rising to 0.3 percent above its pre-pandemic February 2020 level. Utilities saw the biggest gains, expanding 3.3 percent in August after contracting by 4.0 percent in the prior month. Consumer goods, the category with the next highest rate of expansion, rose 0.8 percent, followed by …

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