U.S. Industrial Production Inches Slightly Higher In July
15 August 2018 - 11:57AM
RTTF2
After reporting a rebound in U.S. industrial production in the
previous month, the Federal Reserve released a report on Wednesday
showing production edged slightly higher in the month of July.
The Fed said industrial production inched up by 0.1 percent in
July after jumping by an upwardly revised 1.0 percent in June.
Economists had expected production to rise by 0.3 percent
compared to the 0.6 percent increase originally reported for the
previous month.
The uptick in production reflected growth in manufacturing
output, which rose by 0.3 percent in July after climbing by 0.8
percent in June.
"The more modest 0.3% increase in manufacturing output in July
adds to the evidence that growth in the manufacturing sector has
peaked," said Michael Pearce, Senior U.S. Economist at Capital
Economics.
He added, "Even if a major escalation of tariff barriers is
avoided, the appreciation of the dollar so far this year means that
growth in the factory sector appears set to slow further over the
coming months."
Meanwhile, the report said utilities output fell by 0.5 percent
in July after dropping by 0.7 percent in the previous month.
Mining output also decreased after five consecutive months of
growth, dipping by 0.3 percent in July after spiking by 2.9 percent
in June.
The Fed also said capacity utilization in the industrial sector
came in at 78.1 percent in July, unchanged from the upwardly
revised reading in June.
Economists had expected capacity utilization to rise to 78.2
percent from the 78.0 percent originally reported for the previous
month.
Capacity utilization in the manufacturing sector crept up to
75.9 percent, while capacity utilization in the mining and
utilities sectors dropped to 92.0 percent and 77.5 percent,
respectively.
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