The Empire Manufacturing Index unexpectedly rose into expansionary territory after increasing from -4.9 in July to 2.8 in August, versus the forecast of -4.2. A reading of zero marks the line between expansion and contraction.
Industrial production rose 0.2% in July, above the estimate of an unchanged reading, but last month's reading was revised lower. The rise in production translated into a 0.1 percentage point rise in capacity utilization to 79.9%, topping the forecast of 79.8%, but June's figure was revised a 0.1 percentage point lower.
The preliminary University of Michigan Consumer Sentiment Index rose from 61.2 in July to 61.7 in August, below the Street’s forecast of 62.0. Twelve-month inflation expectations declined from 5.1% to 4.8%, reflecting the recent drop in commodity prices.
