Input Stories

Industrial production rose solidly in June for the second consecutive month (Bloomberg).

What’s going on: “The 0.6% increase in production at factories, mines and utilities followed a revised 0.9% gain a month earlier, marking the biggest two-month advance since late 2021, Federal Reserve data showed Wednesday.”

• A Bloomberg survey’s median estimate had forecast a 0.3% increase.

The details: Factory output rose 0.4%, with gains in autos, appliances, nondurable goods and electrical equipment.

• Mining and energy extraction inched up 0.3%, and utilities output grew.
• Capacity utilization at factories—a measure of potential output—rose to 77.9%, the highest level in nine months.

Consumer goods: Output of consumer goods increased 1%, the most in nearly a year.

• Motor vehicle assemblies soared to 13.4 million on an annualized basis, the most in almost nine years.

What it means: June’s report “indicates manufacturing could be regaining some footing.”