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US industrial production in big increases

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by Brian Turner
US industrial production in big increases

US industrial production rose in June at its fastest rate in 16 months, according to the Federal Reserve.

Production by factories, mines, and utilities was up 0.9 percent on the month, doubling expectations and tripling the May increase.

It was the best performance since February of 2004, when industrial production rose 1.1 percent.

Over half of the gain came from utility output, which grew 5.3 percent on the month and reflected higher temperatures in June after a mild May, as more energy was needed to run air conditioners.

Manufacturing grew by 0.4 percent in June, slightly behind May’s 0.5 percent, fueled by a jump of 2.9 percent in production at automobile factories.

Growth in the month was held back somewhat by declined in production in textile and clothing plants.

Mining output, which includes oil production, rose by 0.4 percent in June.

The June numbers were seen as proof that manufacturing is not in danger of falling back into the doldrums it had weathered during the recession of 2001.

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News posted: July 15, 2005

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