US factory output fell by 0.3% in August, lower than expected

Due to rising input costs and a slowdown in corporate equipment production, U.S. factory output unexpectedly declined in August. Data released on Friday showed that manufacturing output fell by 0.3%. Previous surveys of economists indicated that the market's median expectation was a 0.3% increase. Total industrial production, including mining and utilities, remained flat. Utility output grew by 1.8%, while mining output saw a slight increase.