US Industrial Production Exceeds Expectations with 0.6% June Increase
In June, U.S. industrial production saw a better-than-expected increase of 0.6% month-over-month (MoM), surpassing the anticipated 0.3% rise but not as strong as the 0.9% increase in May. This brought the annual growth rate to 1.6%, the highest since October 2022.
Manufacturing production also experienced a notable increase in June, rising 0.4% MoM compared to the expected 0.1%, and May's figures were revised up from 0.9% to 1.0% MoM. This monthly increase lifted the annual change to 1.1%.
Additionally, capacity utilization significantly rose to 78.8% in June.
However, not all sectors performed well. Production of computers and peripheral equipment saw a significant decline in June, the largest since the COVID-19 lockdowns, though utilities helped to offset some of the negative impact.
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