U.S. industrial production increased by 1% in July from a month earlier after two consecutive quarters of decline as more manufacturing categories rebound from pandemic-sparked supply chain disruptions.
While overall manufacturing output decreased 0.7% from a year earlier, the latest Federal Reservedata shows production of motor vehicles and parts jumped 5.2% in July, with utilities-related production up 5.4% as high July temperatures raised demand for cooling-related equipment. Mining-related production rose 0.5% for the month, with industrial machinery output up 1.3% and computer and electronics rising 1%.
Categories that dropped in July include electrical equipment and appliances at 1.7% and both primary metals and furniture at 1.2%. However, Fed researchers said U.S. factory capacity utilization increased to 79.3% in July, just 0.4% below the average of the past 50 years, after several months of flat or declining capacity usage.
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