US industrial production extends recovery in June, factories lead

Industrial production in the US bounced back last month, led by sharp gains in manufacturing.

According to the Department of Commerce, total output jumped at a 5.4% month-on-month clip in June, adding to the 1.4% rise seen in May.

Nonetheless, that followed a 4.4% drop in April and a 12.7% plunge in May.

Production of business equipment recorded the biggest gain, leaping by 11.8% on top of the prior month increase of 7.4%.

In April, output of such goods had fallen by 7.9%, contracting by a further 23.4% during May.

By major industry groups, manufacturing production grew by 7.2% against May, while in mining output was down by 2.9% and in construction 4.2% higher.