Industrial Production Declined 0.2% in June, But Rose 6.1% in Q2
Washington, DC, July 15, 2022-Total industrial production moved down 0.2% in June but advanced at an annual rate of 6.1% for the second quarter as a whole, according to the Federal Reserve.
Manufacturing output declined 0.5% for a second consecutive month in June; even so, it rose at an annual rate of 4.2% in the second quarter. In June, the index for mining advanced 1.7%, while the index for utilities fell 1.4%.
At 104.4% of its 2017 average, total industrial production in June was 4.2% above its year-earlier level. Capacity utilization decreased 0.3 percentage point in June to 80.0%, a rate that is 0.4 percentage point above its long-run (1972–2021) average.