The US Federal Reserve reported on Wednesday that industrial production increased 0.6 percent in July after having risen 0.1 percent in both May and June. Manufacturing output rose 0.5 percent in July, the same rate of increase as was recorded for June. In July, the output of mines increased 1.2 percent, and the output of utilities rose 1.3 percent. At 98 percent of its 2007 average, total industrial production in July was 4.4 percent above its year-earlier level.
Capacity utilization for total industry moved up 0.4 percentage points to 79.3 percent, a rate 1.0 percentage point below its long-run (1972-2011) average.
The production of consumer goods increased 0.6 percent in July after having decreased 0.4 percent in June, while the output of durable consumer goods advanced 1.5 percent in July. Within durable consumer goods, the production of automotive products increased 1.9 percent and was 15.5 percent above its year-earlier level.