US industrial production about the same in July as it was in June
Washington — Output by US industries was barely changed in July, with a modest gain in manufacturing unable to offset bigger declines in mining and utilities, the Federal Reserve reported Wednesday. US manufacturing of vehicles and computer and electronic products jumped in July compared to June, while oil and gas extraction continued to increase. However, mining output dropped for the first time in months, though it remained well above the 2017 level, and electricity production fell for the third consecutive month, according to the report. Overall industrial production edged up just 0.1% compared to June, when output increased 1%. That was far below the 0.4% gain analysts had expected, but production was 4.2% higher than July 2017. Manufacturing industries saw output rise 0.3% in the month, but that was coupled with declines in mining and utilities of 0.3% and 0.5%, respectively. Compared to the same period in 2017, manufacturing is 2.8% higher, mining has surged nearly 13% and uti...
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