US Industrial Output Up 3% In July: Federal Reserve

Total US industrial production rose 3.0 percent in July, the third monthly increase but a slower gain than in June, the Federal Reserve said Friday

Washington, (UrduPoint / Pakistan Point News - 14th Aug, 2020 ) :Total US industrial production rose 3.0 percent in July, the third monthly increase but a slower gain than in June, the Federal Reserve said Friday.

The increase came on gains across all major sectors, including a 3.4 percent increase in manufacturing compared to June.

However, after dramatic declines in March and April due to the coronavirus pandemic, total output remains more than eight percent below July 2019, while manufacturing is down by 7.7 percent, according to the latest data.

"Most major industries posted increases, though they were much smaller in magnitude than the advances recorded in June," the Fed said.

"The largest gain in July -- 28.

3 percent -- was registered by motor vehicles and parts" pushing it nearly to its pre-pandemic level of February.

Utilities rose 3.3 percent in July, while mining output increased 0.8 percent primarily driven by crude oil extraction and coal mining.

"In contrast, the index for oil and gas well drilling fell 8.0 percent and was about 70 percent below its year-earlier level," the report said.

The rebound in output put factory capacity at 70.6 percent up from 68.5 percent in June, and eight-tenths higher than a year earlier. For manufacturing, installed capacity in use rose to 69.2 percent, more than nine points above the low point in April, the Fed said.