Washington, DC, United States (4E) – Industrial production in the U.S. rose slightly in June, a signal of steady but slow increase in consumer and business spending in the second quarter of 2014.
Industrial production — a gauge of the output of U.S. manufacturers, mines and utilities – increased a seasonally adjusted 0.2 percent in June from the earlier month, according to the Federal Reserve report released Wednesday. June’s capacity utilization of 79.1 percent stayed flat from May.
Economists polled by The Wall Street Journal had estimated the output to increase 0.3 percent and the utilization rate to be at 79.2 percent.
The increase of production in June was the fourth gain in the last five months. Manufacturing production, which accounts for majority of industrial output, inched up 0.1 percent, the fifth consecutive monthly increase, while production at mines edged higher 0.8 percent in June from the prior month. Output for utilities was down 0.3 percent.
Total industrial production last month is 4.3 percent higher from the previous year and jumped 5.5 percent at an annual basis in the second quarter.