Production by US factories, mines and utilities in August surpassed the level seen before the pandemic caused an unprecedented collapse.
US industrial production was held down in August by the damage inflicted by Hurrican Ida, especially on oil and chemical plants in Louisiana.WASHINGTON - Production by US factories, mines and utilities in August surpassed the level seen before the pandemic caused an unprecedented collapse, according to Federal Reserve data.
The monthly increase was in line with analysts' expectations and put it 0.3 percent above its level in February 2020, the last month of normalcy before the Covid-19 pandemic caused industrial output to contract sharply. "Our base case is that rising domestic and external demand keep the industrial sector on a solid growth trajectory, though gains will be capped by enduring supply chain and hiring constraint," Klachkin wrote.
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