Factory Production in U.S. Increases More Than Forecast
- Total industrial production gains 0.7% versus est. 0.3%
- Capacity utilization rises to 75.9% from 75.4% in prior month
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Factory production in the U.S. grew 0.5 percent last month, the fastest pace in a year, as mining rebounded and utility use climbed, data from the Federal Reserve showed Tuesday in Washington.
Total industrial production jumped 0.7 percent, more than double the median estimate of economists in a Bloomberg survey. Utility use increased 2.1 percent, the same pace as in June, and mining rose 0.7 percent after a 0.3 percent drop a month earlier, the report showed.