Mining Up, Utilities Down in July Industrial Production Report
Overall industrial production remained unchanged for July, according to a July Federal Reserve report (link opens as PDF) released today.
After mining and manufacturing helped push production up a revised 0.2% in June, analysts were expecting another month of growth. However, their expectations for a 0.3% increase proved too optimistic for July's report.
By major market groups, there were winners and losers. While consumer goods fell 0.5% and non-industrial supplies tapered off 0.3%, materials and construction productivity headed 0.4% and 0.5% higher, respectively.
Breaking productivity down by industries, results are also mixed. Mining made major gains with a 2.1% increase, but utilities proved to be 2.1% less productive for July. Manufacturing productivity dipped 0.1% after two months of small improvements.
July's dip reflected a drop in auto production. The decline was expected to be temporary given the banner sales year automakers are having.
Capacity utilization painted a mixed picture as well. Mining increased 1.5 points to an 89.5% utilization rate, while utilities fell 1.6 points to 76.2%. Manufacturing made a minuscule 0.1 point move down to 75.8%.
The article Mining Up, Utilities Down in July Industrial Production Report originally appeared on Fool.com.Fool contributor Justin Loiseau has no position in any stocks mentioned. You can follow him on Twitter @TMFJLo and on Motley Fool CAPS @TMFJLo. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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