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July IP Meets Expectations; Cap Util Edges Up

US DATA
  • July industrial production was up 3.0%, meeting expectations. June industrial production was revised up 0.3ppt to 5.7% from 5.4%.
  • July industrial production was still 8.4% below its pre-pandemic February level. At 100.2% of its 2012 average, the level of total industrial production was 8.2% lower in July than it was a year earlier.
  • Capacity utilization was up to 70.6%, above expectations of 70.3%. June's number was revised down 0.1ppt to 68.5%. July capacity utilization is 9.2ppts below its long-run (1972–2019) average but 6.4ppts above its low in April.
  • Manufacturing output continued to improve in July, rising 3.4%. Most major industries posted increases, though they were much smaller in magnitude than the advances recorded in June. The largest gain in July at 28.3% was registered by motor vehicles and parts.
  • Factory production elsewhere advanced 1.6%. Mining production rose 0.8% after decreasing for five consecutive months. The output of utilities increased 3.3%, as unusually warm temperatures increased the demand for air conditioning.
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com

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