US Industrial Production Sank in August by Hurricane Harvey

US industrial output sank (-0.9%) in August due to the scourge of Hurricane Harvey, which shut down much of the country's refineries, the Federal Reserve said on Friday.

The massive storm that struck the Gulf of Mexico at the end of that month was estimated to cut US industrial output by three-quarters of a percentage point, according to the report.

Total industrial production fell 0.9% compared to July. Analysts were expecting a 0.2% rise.

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Retail sales in the United States declined 0.2% in August, primarily as a result of the fall in car purchases, which was the biggest drop in six months, the Commerce Department reported.

The August decline surprised analysts, who expected the indicator to remain unchanged or to grow slightly following the 0.3% rise in July, revised down from the initial 0.6% estimate.

Last month, car sales fell by 1.6% and there were also decreases in electronic equipment (0.7%), construction materials and gardening (0.5%), and clothing and accessories (1%). , according to the report.

On the other hand, internet sales fell in August by 1.1%, its biggest monthly drop in more than three years. Excluding auto sales, the indicator rose 0.2% in August after having doubled (0.4%) the previous month.

In the last 12 months, since August 2016, US retail sales have grown by 3.2%.