Economic Indicators

Autos, Hurricane Beryl weigh on US manufacturing output in July

2024.08.15 10:44

WASHINGTON (Reuters) – Production at U.S. factories fell in July amid a decline in motor vehicle output and disruptions from Hurricane Beryl.

Factory output dropped 0.3% last month, the Federal Reserve said on Thursday. Data for June was revised lower to show production unchanged instead of rising 0.4% as previously reported. Economists polled by Reuters had forecast factory output falling 0.2%.

Production at factories edged up 0.1% on a year-on-year basis in July. Manufacturing, which accounts for 10.3% of the economy, continues to be constrained by higher borrowing costs.

Motor vehicle and parts output dropped 7.8% last month after rising 0.3% in June. The Fed said auto production held down manufacturing output by 0.6%, while Hurricane Beryl was estimated to have weighed it down by 0.3%.

Durable manufacturing production fell 0.9% as the decline in motor vehicles more than offset gains in computer and electronic products, machinery and primary metals.

Nondurable manufacturing output gained 0.4%, boosted by petroleum and coal products as well as paper.

Mining output was unchanged after falling 0.1% in June. Early shutdowns in the petrochemical and related industries ahead of Hurricane Beryl impacted production.

© Reuters. 155mm projectile parts are placed into lathes during the opening ceremony of General Dynamics Ordnance and Tactical Systems' new artillery projectile metal parts production facility, in Mesquite, Texas, U.S., May 29, 2024. REUTERS/Shelby Tauber/ File Photo

Utilities production fell 3.7%. That followed a 2.6% increase in the prior month. Overall industrial production fell 0.6% in July after rising 0.3% in June.

Capacity utilization for the industrial sector, a measure of how fully firms are using their resources, dropped to 77.8% from 78.4% in June. It is 1.9 percentage point below its 1972–2023 average. The operating rate for the manufacturing sector slipped to 77.2% from 77.5% in the prior month. It is 1.1 percentage point below its long-run average.



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