U.S. industrial production rose slightly more than expected in June as manufacturing output picked up speed, a welcome sign for an economy that appears to have slowed sharply in the second quarter.
Output at the nation’s factories, mines and utilities rose 0.3 percent last month after an unchanged reading in May, the Federal Reserve said on Tuesday. Economists polled by Reuters had expected a 0.2 percent increase in June.
or the second quarter as a whole, industrial output rose 0.6 percent.Manufacturing output increased by 0.3 percent last month, beating economists expectation of a 0.1 percent rise, after an upwardly revised 0.2 percent increase in May. Manufacturing was bolstered by a 1.3 percent increase in the production of motor vehicles and parts and a 1.5 percent rise in machinery.
Mining output jumped 0.8 percent and utilities dropped 0.1 percent, a third consecutive monthly decline.
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