U.S. Factory Output Surges

According to the latest data, U.S. factory output rose for the sixth consecutive month in July, fueled by a boost in the production of motor vehicles, furniture, textiles and metals.

Manufacturing production rose 1 percent in July compared with the prior month, the Federal Reserve reported.

Factory output in June was revised slightly higher to a 0.3 percent increase. Over the past 12 months, manufacturing has risen 4.9 percent. Demand for autos surged 10.1 percent last month, the largest increase since July 2009.

The broader increase in manufacturing points to stronger growth across the economy, suggesting that manufacturers expect the pace of business investment and consumer spending to improve in the coming months.

Overall industrial production, which includes manufacturing, mining and utilities, rose 0.4 percent in July, dragged down by a 3.4 percent drop in production at utilities.

Tags: factory orders

Category: General Update