Industrial output rises in July on auto production

U.S. industrial production rose 0.5 percent in July -- its first increase since October 2008 -- the U.S. Federal Reserve announced Friday, boosted higher by a revived auto sector.

This was only the second increase in output since the recession started in December 2007. However, output is still down a staggering 13.1 percent in the past year. Excluding autos, industrial production fell 0.1 percent in July. Industrial production declined 0.4 percent in June and 1.2 percent in May.