US Factory Production Falls Unexpectedly in August
US factory production fell 0.3 percent in August after seven straight months of gains. Higher oil prices and rising interest rates weighed on manufacturing output. Economists expect growth to remain moderate for the rest of the year.
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United States factory production fell 0.3% in August following an unrevised 0.2% rise in July, snapped by surging borrowing costs and energy expenses. Economists polled by Reuters had forecast production would increase 0.3% for the month. The unexpected contraction breaks seven consecutive months of increases across the industrial sector.
