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Industrial production rebounds in July

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Industrial production rebounds in July

0.6% increase follows downwardly-revised 0.1% rise in June.

According to a report from the Federal Reserve, US industrial output grew 0.6% in July.  This follows a downwardly-revised 0.1% drop in June.

Analysts had expected an increase of 0.3%.

Manufacturing output increased 0.8% during the month, spurred primarily by the auto sector, which rose 10.6% following a 3.7% drop in June.

The results provide an encouraging signal as to the strength of the US economy heading into Q3.  Labor markets appear relatively strong, and producer prices are rising moderately, suggesting an increasing growth rate for the remainder of the year.  Retail sales have ticked up recently as well. However, an increasing litany of downward revised growth rates for the remainder of the year from economists, make determining the outlook for growth difficult at best.

 

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