Overview

• Federal Reserve data show manufacturing output was unchanged in July after a revised 0.3% gain in June, while overall industrial production fell 0.1% month over month and rose 1.4% year over year.
• Economists say 50% duties on steel and aluminum and 25% tariffs on vehicles and parts are raising input costs and could prolong shutdowns.
• Motor vehicle and parts production slipped 0.3% amid seasonal retooling, and factory output excluding autos declined 0.1%.
• Production of electrical equipment, appliances, aerospace and furniture rose even as primary metals and machinery output weakened.
• Capacity utilization fell to 77.5% for industry and 76.8% for manufacturing, both below their long-run averages.