Source: Federal Reserve
Industrial production posted a slight growth in July to mark the fifth straight month of expansion, but this was still not enough to hit pre-pandemic levels.
- Industrial production grew by 0.9% in July, faster than the 0.2% increase in June.
- The total index increased to 101.1 in July, up from 100.2 the previous month. This is still 0.2% below pre-pandemic levels.
- Motor vehicles and parts jumped 11.2%, as several manufacturers either scaled down or canceled their scheduled shutdowns for the months.
- The increase in motor vehicle and parts output contributed to large increases in consumer durables, business equipment, and durable materials.
- In terms of major market groups, final products marked the biggest jump with 1.6% as consumer goods gained 1.0% and business equipment increased by 2.8%.
- By industry groups, manufacturing posted the biggest growth with 1.4%, followed by mining with 1.2%. Utilities fell 2.1%.