Industrial Production Rose in June, But Fell 1.0% Quarterly

Industrial production rose 0.6% in June after declining 0.3% in May, according to the Federal Reserve. The increase was largely due to growth in manufacturing output. On a quarterly basis, industrial production fell at an annual rate of 1.0%.

Manufacturing output rose 0.4% in June, mostly on account of an increase in motor vehicle assemblies. The output of goods other than motor vehicles and parts was unchanged.

The utilities index rose 2.4% as warmer than usual June weather boosted electrical demand for air conditioning.

The mining index edged up 0.2% in June, as rises in the indices for oil well drilling and servicing and coal offset declines in oil and gas extraction.

Read the Fed release.

About Tim Nicholson

Tim Nicholson
Tim Nicholson is an economic research associate at ABA.
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