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U.S. Industrial Production Inches Upward in July

A newly released Federal Reserve report showed U.S. industrial production rose 1% in July after having edged down 0.1% in June.

A large contributor to the jump in U.S. industrial production in July was an increase of nearly 10% in the production of motor vehicles and parts. Even so, manufacturing production excluding motor vehicles and parts advanced 0.6%.

Most major market groups recorded gains in output in July, with the exception of nondurable consumer goods, which was unchanged. The production of consumer goods moved up 1.1%, as the output of consumer durables jumped 4.9%. In addition to a gain of 8.8 % in the output of automotive products—which was mainly due to a large increase in light truck assemblies—the indexes for home electronics and for miscellaneous goods increased 1.3% and 1.5%, respectively; the index for appliances, furniture, and carpeting moved up 0.5%.

Among components of consumer nondurables: the output of non-energy nondurables declined 0.2%, and the output of consumer energy products moved up 0.7%. Within non-energy nondurables, the output both of foods and tobacco and of clothing fell, while the indexes for consumer chemicals and paper products increased.

Additional highlights: The output of business equipment rose 1.8% in July. Within business equipment, the production of transit equipment advanced 6.3%, an increase that in large part represented the gain in light truck assemblies. Elsewhere in business equipment, the index for information processing equipment rose 1.1% after having fallen in June. The index for industrial and other equipment increased 0.8% in July and now stands about 13.3% above its trough from a year earlier.

The output of defense and space equipment moved up 1.1%; the increase was mostly the result of a continued rebound in military aircraft production following reductions in the output of cargo airplanes due to a strike that ended in the first half of June. Meanwhile, the output of construction supplies rose 0.5% in July after having been little changed over the previous two months.
 

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Aerospace  •  Automotive  •  Defense & Military  •  Electronics  •  Industry Trends & Happenings

 

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