WASHINGTON - Industrial production increased 1.0% in July as auto and parts production jumped, while industrial capacity utilization increased to 74.8% in July, the 13th consecutive month without a decline, the Federal Reserve reported today.
June’s industrial production figure was revised lower, swinging to a 0.1% decline from a 0.1% increase reported last month.
Capacity utilization in June was unrevised at 74.1%.
Economists polled by Thomson Reuters expected industrial production would increase 0.5% and capacity utilization would increase to 74.5%, according to the median estimate.
Manufacturing production increased 1.1% in July, boosted by an 8.8% gain in auto and parts production. The increase was driven by a large increase in light truck assemblies. Excluding motor vehicles, manufacturing production rose 0.6%.
Utility output increased 0.1% in July following a 2.3% increase in June.
