Industrial Production Beats Expectations

Industrial production rose 0.4% in July.

This marks the sixth straight monthly gain in industrial production.

The Fed’s latest report was expected to show production rose 0.3% over last month.

June’s report was revised up to show production growth of 0.4% against a prior reading for 0.2%.

Capacity utilization for July came in at 79.2%, in-line with the 79.2% that was expected.

Manufacturing output in July rose 1% in July, the largest increase since February.

Following the report, Ian Shepherdson at Pantheon Macroeconomics said, “Headline flattered by autos, but core production looks solid, too.”

This chart from Pantheon shows industrial production over the last three-plus years.

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