Industrial Production Rose 0.9% in July
Washington, DC, August 17, 2021-Industrial production increased 0.9% in July after moving up 0.2% in June, according to the Federal Reserve.
In July, manufacturing output rose 1.4%. About half of the gain in factory output is attributable to a jump of 11.2% for motor vehicles and parts, as a number of vehicle manufacturers trimmed or canceled their typical July shutdowns. Despite the large increase last month, vehicle assemblies continued to be constrained by a persistent shortage of semiconductors; the production of motor vehicles and parts in July was about 3-1/2% below its recent peak in January 2021. The output of utilities decreased 2.1% in July, while the index for mining rose 1.2%.