Industrial production jumps by the most in over a year
Reuters/Baz Ratner
Industrial production rose by 0.7% in July, the most since November 2014, according to the Federal Reserve.
The index for utilities jumped 2.1% amid higher demand for air conditioning. Mining output rose on net for a third straight month, by 0.7%, following a 17% plunge between December 2014 and April 2016.
Economists had forecast that industrial production rose 0.3% month-on-month in July. Capacity utilization rose to 75.9%, beating the forecast for 75.6%.
Industrial production increased by a downward revised 0.4% in June, largely driven by gains in mining, utilities and autos that were not sustainable in the long term, according to Wells Fargo's Sam Bullard.
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