US industrial production surged in August as motor vehicle manufacturing bounced back after plummeting in July, the Federal Reserve said Tuesday, shortly before kicking off a two-day meeting on interest rates.
Total industrial output exceeded expectations to rise by 0.8 percent last month from a revised 0.9 decline in July, the US central bank said in a statement, pinning much of the rise on «a recovery in the index of motor vehicles and parts.»
The index «jumped nearly 10 percent in August after dropping roughly 9 percent in July,» it added. The July data was affected by the larger-than-expected impact of Hurricane Beryl.
The sharp monthly rise in industrial production in August was well above market expectations of a 0.1 percent rise, according to Briefing.com.
The news is likely to soothe concerns about the sector, shortly before the Fed kicks off its two-day interest rate meeting later Tuesday which is widely expected to end with a rate cut.
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