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US signals slowdown

US industrial output rose at a slower pace in August and a measure of New York state business conditions slipped to the lowest level in more than a year, according to new data that suggested the economy was cooling but not stalling.

Industrial production rose 0.2pc in August, matching economists' forecasts for a sharp slowdown from July when unusually strong car manufacturing lifted output, Federal Reserve data showed. July's gain was revised down to 0.6pc from 1pc. Output increased 0.4pc in August, compared with July's 0.3pc advance.

Economists often look to the Empire State report as an early gauge of national output patterns because it is one of the first data points released each month.