Afternoon Coffee: Industrial Production Drops, Freight Shipments Fall in August

Coffee cup

Industrial production in the US fell in August by 0.4%, more than expected and a contrast to the 0.9% seen in July. Manufacturing output, which was largely to blame for the drop in overall production was down 0.5% last month.

Freight shipments were down 1.2% in August compared to July and down 4.6% from August 2014. A lower number of manufacturing orders in June and July is attributed to the decline in freight traffic.

The Army Corps of Engineers approved the Port of Charleston’s project to deepen its harbor to 52 feet, which will allow for larger vessels. Once completed, the port will have the deepest harbor in the East Coast.

A report written by an economist also showed that the ports in South Carolina, including those in Charleston, Georgetown and Greer, bring in about $53 billion annually to the state’s economy. It also showed that 1 in 11 jobs in the state are related directly or indirectly to the South Carolina ports.

 

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