Manufacturing boosted by industrial production figures
July 15, 2005
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.
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. Mining output, which includes oil production, rose by 0.4 percent in June.