Industrial Production Increased in June

Industrial production increased 0.3 percent in June, the first gain in seven months. Over the past year, industrial production is up 1.5 percent.

Manufacturing output was unchanged from May. Mining output increased 1.0 percent, an improvement after declining more than 1 percent per month on average over the previous five months. Output of utilities rose 1.5 percent, 4.3 percent higher than a year ago.

Capacity utilization for the total industry was at 78.4 percent, up two basis points from May’s revised estimate.

Final products grew 0.1 percent, largely due to increases in business equipment. Nonindustrial supplies gained 0.4 percent, up from a 0.2 percent gain in May.

The index for oil and gas well drilling and servicing fell for the seventh consecutive month, but was 3 percent lower than the smallest since December.

Read the Federal Reserve release.