Industrial production flat in July
August 15, 2013
Industrial production was unchanged in July following a 0.2% gain in June, according to estimates from the Federal Reserve. Manufacturing production declined 0.1%. Among the significant movers in key manufacturing segments, automobile and light truck production sank 4.7% while primary metals rose 2.6%.
The output of mines and the production of utilities moved in equal and opposite directions. Mine output rose 2.1% — its fourth straight increase — as utilities production fell 2.1% for its fourth straight decrease.
At 98.9% of its 2007 average, total industrial production in July was 1.4% above its year-earlier level. Capacity utilization for total industry edged down 0.1 percentage point to 77.6% in July — a rate 0.3 percentage point below its level of a year earlier and 2.6 percentage points below its long-run (1972-2012) average.
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