Economics
Factory Production in U.S. Declines Unexpectedly on Auto Output
- Excluding motor vehicles, manufacturing output rose 0.4%
- Utility and mining output helps boost overall production
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Output at U.S. factories unexpectedly declined in June against a backdrop of persistent supply shortages, particularly at automakers, and soaring materials costs.
The 0.1% decrease followed a 0.9% gain in May, Federal Reserve data showed Thursday. Total industrial production, which also includes mining and utility output, climbed 0.4% in June after a revised 0.7% gain a month earlier.