WASHINGTON -US industrial production rose sharply in July after two straight months of decline, lifted by a jump in automobile products and “very high temperatures,” the Federal Reserve said Wednesday.
While the rebound is positive news for producers, a downward revision to the manufacturing data from earlier this year means the July manufacturing index now sits below its level in July 2022.
Overall industrial production rose by 1.0 percent in July, lifted by a 5.2 percent rise in the production of motor vehicles and parts, the Fed announced in a statement.
This was well above the median expectation of economists surveyed by MarketWatch, who expected a 0.3 percent increase.
Keep on reading: US industrial production returns to growth in July