US industrial production rises more quickly than expected

Industrial production in the U.S. grew more quickly than expected last month, driven by increased demand for business equipment.

According to the Department of Commerce, in seasonally adjusted terms, industrial output increased at a month-on-month clip of 0.4% (consensus: 0.1%).

Worth noting, readings for May and June saw a significant upwards revision when combined.

By major market groups, output of business equipment was strongest, rising by 0.8%, while that of materials rose by 0.7%.

Those increases helped offset a drop in the output of motor vehicles and parts.

By industry groups, manufacturing production edged up by 0.1%, but remained six tenths of a percentage point below its year-earlier level.

In parallel, mining output increased by 1.4% and that of utilities by 0.9%.

Total industrial operating capacity in use meanwhile edged up by two tenths of a percentage point to 79.7% (consensus: 79.5%).