Industrial Production Rises for Second Straight Month in June

Industrial production increased 5.4% in June after rising 1.4% in May. The index still remains 10.9% below its pre-pandemic levels and the index fell at a 42.6% annual rate for the second quarter. This is the largest quarterly decrease since the end of World War II.

Manufacturing output increased 7.2% in June, with all major industries reporting increases. Durables manufacturing rose 11.6%. Nondurable manufacturing rose 3.4%, with increases in apparel and leather (10.3%) and plastics and rubber products (8.7%).

Mining output fell 2.9% in June and declined 42.7% at an annual rate for the quarter. The index for oil and gas well drilling fell 18.0%, and was 70.1% below its year-earlier level.

The output of utilities rose 4.2%; the output of electric utilities declined 4.6%, while the output of natural gas utilities fell 2.1%.

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