U.S. industrial production growth likely remained flat at 0.2 pct in August – Wells Fargo

U.S industrial production growth likely to have remained flat in August. In the prior month, industrial output had risen 0.2 percent, though the rise was entirely because of mining and utilities output. Manufacturing output has been rising in one month and falling in the next, with July falling in the latter, down 0.1 percent, noted Wells Fargo in a research report.

Manufacturing output rose 0.8 percent, year-to-date. Industrial production data are expected to be impacted by Hurricane Harvey in the months ahead as the storm knocked out utilities and mining operations. The shutdown of petrochemical plants and other key nodes in the domestic supply chain might extend the effect to loner than just one month, though IP recovered rather rapidly after Katrina in 2005. Hurricane Irma is also expected to have repercussions on manufacturing production operations that lay in its path this weekend, though to a smaller extent as it is not currently aiming at the heart of U.S. oil production, stated Wells Fargo.

According to Wells Fargo, the U.S. industrial production growth is expected to have remained stable at 0.2 percent. However, consensus expectations is for the industrial production growth to have slowed to 0.1 percent in the month.

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