US industrial production misses forecasts in June
(ShareCast News) - US industrial production grew as expected last month but downwards revisions to readings for prior months meant the rate of capacity of utilisation undershot forecasts.
Total industrial production grew by 0.4% month-on-month and by 2.0% year-on-year, according to the Federal Reserve.
Economists had projected an increase of 0.2% on the month and 1.7% over the year.
By major market groups, output of business equipment barely rebounded after an 0.9% drop in May.
Meanwhile, and within the major industry groups, manufacturing production clocked in with a gain of 0.2% on the month, as anticipated.
However, there were downwards revisions to the data for February and April.
Total industrial operating capacity in use, one important driver of price pressures in the economy, was at 76.6% last month, up from 76.4% in May but below the 76.8% expected by economists.