U.S. manufacturing output increased more than expected in August, boosted by a s...
WASHINGTON - U.S. manufacturing output increased more than expected in August, boosted by a surge in machinery and primary metals production, but the outlook for factories remains weak against the backdrop of trade tensions and slowing global economies.
The economy is in its 11th year of expansion. The Fed lowered borrowing costs in July for the first time since 2008. While the so-called hard data showed a rebound in manufacturing output last month, the trend is likely to remain soft, with sentiment surveys still downbeat. A survey early this month showed a measure of national manufacturing activity contracted in August for the first time since August 2016.
The weakness in manufacturing mirrors a slowing domestic economy. The Atlanta Fed is forecasting gross domestic product rising at a 1.8% annualized rate in the third quarter. The economy grew at a 2.0% pace in the April-June quarter, stepping down from the first quarter’s 3.1% rate.INVENTORY OVERHANG
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