US industrial production rises 0.8% in August, more than estimates

​​​​​​​By Ovunc Kutlu

ISTANBUL (AA) - US industrial production rose 0.8% in August, increasing more than expectations, according to Federal Reserve data released Tuesday.

The market expected the figure to show a gain of 0.2%. The figure for July was revised from a decline of 0.6% to a decrease of 0.9%.

"Most major market groups posted gains in August, with the jump in the output of motor vehicles and parts contributing to the strength recorded across a variety of categories," said the Fed.

Manufacturing output increased 0.9% in August from the previous month.

The figure for July was revised from a decline of 0.3% to a decrease of 0.7%.

Capacity utilization, which indicates overall growth and demand in the economy, rose to 78.0% in August, slightly higher than estimates of 77.9%.

That figure for July, on the other hand, was revised down to 77.4% from 78.4%.