Tuesday, August 16, 2011

Industrial Production Increases in July

The Federal Reserve reported that industrial production rose in July.

Total industrial production advanced 0.9% in July to 94.2% of its 2007 average and was 3.7% above its year-earlier level.

Manufacturing output rose 0.6% in July, as the index for motor vehicles and parts jumped 5.2% and production elsewhere moved up 0.3%. The output of mines advanced 1.1%, and the output of utilities increased 2.8%, as the extreme heat during the month boosted air conditioning usage.

The capacity utilization rate for total industry climbed to 77.5%, a rate 2.2% above the rate from a year earlier but 2.9% below its long-run (1972--2010) average.

Read the press release.

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