Industrial Production Declined 0.5% in June But Rose 0.7% in Q2

Washington, DC, July 18, 2023-Industrial production declined 0.5% in June for a second consecutive month but advanced 0.7% at an annual rate for Q2 as a whole, according to the Federal Reserve. 

Manufacturing output moved down 0.3% in June but rose 1.5% in Q2. In June, the indexes for mining and utilities fell 0.2% and 2.6%, respectively. At 102.2% of its 2017 average, total industrial production in June was 0.4% below its year-earlier level. Capacity utilization stepped down to 78.9% in June, a rate that is 0.8 percentage point below its long-run (1972–2022) average.