Factory production rose in August

Production at U.S. factories barely rose in August as a drop in motor vehicle assemblies masked a rebound in output of other consumer goods and business equipment.

The 0.1% increase in factory output followed a revised 0.4% gain a month earlier, according to Federal Reserve data published Friday.

Excluding auto production, manufacturing output increased 0.6%, the largest gain since the start of the year.

Total industrial production, which also includes mining and utilities, rose 0.4%. The median forecast in a Bloomberg survey of economists called for 0.1% increases in both factory output and total industrial production.

Instacart IPO goes live Monday

Grocery delivery business Instacart is preparing to price its initial public offering on Monday after boosting its price range following a strong trading debut by Arm, according to people familiar with the matter.

The company had earlier weighed pricing its offering later next week but then settled on Monday, according to people familiar with the matter, who spoke on the condition of anonymity to discuss confidential information.

IPO plans are often fluid and decisions around timing are usually dependent on market conditions.

A representative for San Francisco-based Instacart, which is incorporated as Maplebear and filed under that name, declined to comment.

Instacart said in a filing Friday that it is now seeking to raise as much as $660 million by marketing shares at $28 to $30 each, up from a previously indicated range of $26 to $28 per share.

From wire reports