Industrial production rose 0.7% in July after moving up 0.4% in June, according to the Federal Reserve. The July increase was the largest since November 2014. Despite the large July increase, industrial production is 0.5% lower than a year ago.
Manufacturing output increased 0.5% in July, its largest gain in 12 months. The gain was broadly spread across durable goods, nondurable goods, and other manufacturing.
Capacity utilization for manufacturing increased 0.4% to 75.4%, which is 3.1% below its long-run average.
The mining index increased 0.7% in July, as declines in oil and gas extraction were more than offset by increases in the indexes for oil well drilling and servicing and for coal.
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