U.S. industrial production unexpectedly fell in August for the first time in seven months as manufacturing output plummeted 0.4 percent from a downwardly revised 0.7 percent expansion in July due to a big cooling in auto production. The figures were the latest sign that the nation’s economy, while growing, is still not firing on all cylinders for a more broad-based expansion.
“It’s still a mixed bag, though overall conditions are improving,” Scott Brown, chief economist at Raymond James & Associates in St. Petersburg, Fla., told Bloomberg before the report. “There was probably some giveback in August” for auto production so “the numbers should be taken with a grain of salt. It’s all part of a gradual recovery. We’ll see a moderate pace of growth.”
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