A report released by the Federal Reserve on Thursday showed industrial production in the U.S. rose by slightly less than expected in the month of July.
The report said industrial production edged up by 0.2 percent in July after climbing by 0.4 percent in June. Economists had expected production to rise by 0.3 percent.
The smaller than expected increase in production came amid a modest decrease in manufacturing output, which slipped by 0.1 percent in July after rising by 0.2 percent in June.
The Fed said the production of motor vehicles and parts fell substantially but noted the decrease was mostly offset by a net gain of 0.2 percent for other manufacturing industries.
Meanwhile, utilities output surged up by 1.6 percent in July after tumbling by 1.2 percent in the previous month. Mining output also rose by 0.5 percent in July after jumping by 2.0 percent in June.
The report also said capacity utilization came in at 76.7 percent in July, unchanged from the revised reading for June.
Capacity utilization in the manufacturing sector edged down to 75.4 percent, while capacity utilization in the mining and utilities sectors rose to 84.6 percent and 78.1 percent, respectively.
by RTT Staff Writer
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