WASHINGTON, D.C. — US industrial production surged in August as motor vehicle manufacturing bounced back after plummeting in July, the Federal Reserve (Fed) said on Tuesday, shortly before kicking off a two-day meeting on interest rates.
Total industrial output exceeded expectations to rise by 0.8 percent last month from a revised 0.9-percent decline in July, the US central bank said in a statement, pinning much of the rise on “a recovery in the index of motor vehicles and parts.”
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