US: Industrial production declined 0.9% in Aug following six consecutive monthly gains

"Industrial production declined 0.9 percent in August following six consecutive monthly gains," announced the Board of Governors of the Federal Reserve on Friday.

Key highlights:

•  Hurricane Harvey, which hit the Gulf Coast of Texas in late August, is estimated to have reduced the rate of change in total output by roughly 3/4 percentage point
• The manufacturing industries with the largest estimated storm-related effects were petroleum refining, organic chemicals, and plastics materials and resins.
• The output of mining fell 0.8 percent in August, as Hurricane Harvey temporarily curtailed drilling, servicing, and extraction activity for oil and natural gas.
• Capacity utilization for the industrial sector decreased 0.8 percentage point in August to 76.1 percent, a rate that is 3.8 percentage points below its long-run (1972–2016) average.