The Federal Reserve reported on Tuesday that the U.S. industrial production rose 0.6 m-o-m in August, following a revised 0.1 percent m-o-m drop in July (originally a 0.2 percent m-o-m decrease).

Economists had forecast industrial production would increase 0.2 percent m-o-m in August.

According to the report, the manufacturing production rose 0.5 percent m-o-m, more than reversing a 0.4 percent m-o-m decline in July. Meanwhile, the indexes for utilities and mining went up 0.6 percent m-o-m and 1.4 percent m-o-m, respectively.

Capacity utilization for the industrial sector increased 0.4 percentage point m-o-m in August to 77.9 percent. That was 0.3 percentage point above economists’ forecast but 1.9 percentage points below its long-run (1972-2018) average.

In y-o-y terms, the industrial output rose 0.4 percent in August, following an unrevised 0.5 percent advance in the prior month.