Industrial production (IP) fell 0.1 percent from July to August, its first monthly decline since January. July IP was also revised down, from a 0.4 percent increase to a 0.2 percent increase. Manufacturing production declined 0.4 percent in August from the previous month, driven in large part by a 7.6 percent drop in the production of motor vehicles and parts, which had increased 9.3 percent in July. Excluding motor vehicles and parts, which can be volatile during the summer months as a result of auto plant shutdowns, manufacturing output edged up 0.1 percent in August. Mining production rose 0.5 percent in August compared with July, and utilities rose 1.0 percent. Total IP grew at a 4.1 percent annualized rate in August, marking the fourth consecutive month the annual rate of growth has been above 4.0 percent.
