Economic Buzz: US Industrial Production Increases In July

17 Aug 2022 , 09:23 AM

A report released by the Federal Reserve showed U.S. industrial production increased by more than expected in the month of July. The Fed said industrial production climbed by 0.6 percent in July following a revised unchanged reading in June. The bigger than expected increase in industrial production was recorded as manufacturing output advanced by 0.7 percent in July after falling by 0.4 percent for two straight months. Mining output also climbed by 0.7 percent in July after jumping by 2.0 percent in June, while utilities output slid by 0.8 percent after slipping by 0.3 percent. The report also showed capacity utilization in the industrial sector rose to 80.3 percent in July from a revised 79.9 percent in June. Capacity utilization in the manufacturing and mining sectors edged up to 79.8 percent and 88.0 percent, respectively, while capacity utilization in the utilities sector fell to 74.5 percent.Powered by Commodity Insights