US industrial output rises for 2nd straight month in July
According to the latest data, manufacturing output posted the strongest expansion since November, rising by 0.8% in July driven by a 10.6% increase in auto and auto parts manufacturing while manufacturing output rose 1.5% in July compared with the same month of 2014. Output in the utilities sector, however, declined 1% in July after posting a 2.3% gain in June.
Meanwhile, the Fed also reported that the country’s capacity utilization rate increased 0.3% to 78% in July from a downwardly revised rate of 77.7% in the previous month. The July data for US capacity utilization was in line with Wall Street Journal economists’ estimates, which called an increase to a rate of 78%.
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