Factory Output Unchanged; Auto Output Drops
Industrial production rose 0.2% in June as factory output held steady and utility output increased, the Federal Reserve said Friday.
The measure of output from factories, mines and utilities followed a revised 0.1% decrease in May that was originally reported as a gain.
The increase was below economistsâ€™ forecasts of a 0.3% rise, Bloomberg reported.
Factory production, which makes up three-quarters of the total, was unchanged from last month. Business equipment output decreased 0.7%.
Production of automobiles and parts fell 2%, while factory production excluding autos rose 0.2%.
Capacity utilization, which measures plant output, held at 76.7%.
Manufacturing accounts for about an eighth of the U.S. economy and the factory sector is one of truckingâ€™s largest and most important customers.
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