8/16, 3:15 PM (Source: TeleTrader)
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US industrial production rises 0.6% in July

Industrial production in the United States rose by 0.6% in comparison to the previous month, the Federal Reserve's Board of Governors stated in its report published on Tuesday, revealing that the figure surpassed market forecasts.

Manufacturing output recovered after dropping by 0.4% in each of the two previous readings, gaining 0.7% in July, and jumping 3.2% on an annual basis. Mining rose for the third consecutive month, advancing by 0.7% on a monthly basis, but 7.9% from the same period the year before. However, utilities dipped by 0.8% compared to the month prior.

Capacity utilization for the total industrial sector stood at 80.3%, improving by 0.4 percentage points in July, which is 0.7 percentage points above its long-run average. Compared to the same period the year before, the figure increased by 1.3 percentage points.

Baha Breaking News (BBN) / AB