Industrial production keeps surging in August

Latest reading: Industrial production increased 14.4% on a year-on-year basis in August, following a 18.7% rise in the prior month. Relative to the prior month's data, production readings in August softened for manufacturing (+15.5% in annual terms vs +20.2% in July) and water supply (-2.3% vs +0.9% in July). In contrast, readings improved for electricity and gas supply (-4.5% vs -7.6% in July) and mining and quarrying (-12.8% vs -13.9% in July). Despite the slowdown in industrial production growth, the reading was still elevated by historical standards, driven chiefly by strong manufacturing output amid rising global AI demand. On a seasonally adjusted month-on-month basis, industrial production was up 0.6% in August, following a 0.7% fall in the prior month.

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