US industrial production jumps in June, led by output from utilities

17th Jul 2024 13:39

(Sharecast News) - Industrial production in the States jumped in June, led by a surge in output from utilities.

According to the Department of Commerce, in seasonally adjusted terms industrial output was ahead by 0.6% month-on-month.

Economists had pencilled in a rise of 0.3%.

The beat versus on the reading for June came alongside upwards revisions to data for the months of February, April and May.

By industry groups, utilities' output was especially strong, surging by 2.8% on the month, while that of manufacturing increased by 0.4% and that of Mining by 0.3%.

Looking at the figures by Market Groups on the other hand, output of consumer goods was strongest, rising by 1.0%.

Energy production was especially strong, rising by 2.7%, while that of automotive products was up by 1.7%.

The degree of capacity in use meanwhile increased by five tenths of a percentage point in comparison to the month before to reach 78.8% (consensus: 78.6%).

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