Industrial Production Rose 1.0% in July

Washington, DC, August 16, 2023-In July, total industrial production increased 1.0% following declines in the previous two months, according to the Federal Reserve. 

Manufacturing output rose 0.5% in July; the production of motor vehicles and parts jumped 5.2%, while factory output elsewhere edged up 0.1%. The index for mining moved up 0.5%, and the index for utilities climbed 5.4% as very high temperatures in July raised demand for cooling. At 102.9% of its 2017 average, total industrial production in July was 0.2% below its year-earlier level. Capacity utilization moved up to 79.3% in July, a rate that is 0.4 percentage point below its long-run (1972–2022) average.