U.S. industrial output rises for fifth straight month
U.S. industrial production rose for a fifth straight month in June, helped by gains in mining, while the manufacturing sector rebounded.
Overall industrial production rose 0.4 percent in June after being up a revised 0.1 percent in May. Mining output increased 1.6 percent, with advances in oil and gas extraction, in coal mining and in drilling and support activities. Utilities output was unchanged.
Economists had expected industrial output to increase 0.3 percent from the previously reported flat reading in May.
Manufacturing rebounded 0.2 percent, in line with economist expectations, after an unrevised 0.4 percent fall in May.
Activity in the manufacturing sector, which makes up about 12 percent of the U.S. economy, has been slowing amid a moderation in oil prices and declining motor vehicle sales.
Capacity utilization, which measures how fully companies are deploying their resources, rose to 76.6 percent in June from 76.4 percent in May. Economists had forecast a 76.7 percent rate in June.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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