US Industrial Production of Defense Equipment Hits Record High
- Index has jumped 3% in last two months amid broader decline
- Higher defense spending is supporting a slowing US economy
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One bright spot in otherwise lackluster US industrial production figures: defense and space equipment, which rose last month to a record high.
The index in June surpassed its previous peak registered in December 2019, according to data published Tuesday by the Federal Reserve. It’s up 3% over the last two months alone, while the index of overall industrial production has fallen 1% over the same period.