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US output slows but economy not stalling
Source: Agencies |
September 16, 2010, Thursday
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Print Edition
Print Edition
INDUSTRIAL output in the United States rose at a slower pace in August and a measure of New York state business conditions fell to the lowest level in more than a year, according to data yesterday that suggested the economy was cooling but not stalling.
Industrial production rose 0.2 percent in August, matching economists' forecasts for a sharp slowdown from July when unusually strong auto manufacturing lifted output, Federal Reserve data showed. July's gain was revised down to 0.6 percent from 1 percent.
Excluding motor vehicles and parts, total industry output gained 0.4 percent in August, against July's 0.3 percent advance.
Separately, the New York Fed's "Empire State" general business conditions index slipped to 4.14 in September from 7.10 in August. September's reading marked the lowest since July 2009 and was below market expectations for 8.0.
Economists often look to the Empire State report as an early gauge of national output patterns because it is one of the first data points released each month.
Beneath the disappointing headline, however, some economists saw cause for optimism in higher readings on new orders and the average workweek.
"We see this report as consistent with our view that manufacturing has downshifted to a lower pace of growth but not stagnated," Barclays Capital economist Nicholas Tenev said.
Another report from the Labor Department showed import prices rose 0.6 percent after rising by a revised 0.1 percent in July.
Industrial production rose 0.2 percent in August, matching economists' forecasts for a sharp slowdown from July when unusually strong auto manufacturing lifted output, Federal Reserve data showed. July's gain was revised down to 0.6 percent from 1 percent.
Excluding motor vehicles and parts, total industry output gained 0.4 percent in August, against July's 0.3 percent advance.
Separately, the New York Fed's "Empire State" general business conditions index slipped to 4.14 in September from 7.10 in August. September's reading marked the lowest since July 2009 and was below market expectations for 8.0.
Economists often look to the Empire State report as an early gauge of national output patterns because it is one of the first data points released each month.
Beneath the disappointing headline, however, some economists saw cause for optimism in higher readings on new orders and the average workweek.
"We see this report as consistent with our view that manufacturing has downshifted to a lower pace of growth but not stagnated," Barclays Capital economist Nicholas Tenev said.
Another report from the Labor Department showed import prices rose 0.6 percent after rising by a revised 0.1 percent in July.
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