Washington, DC, United States (4E) – Industrial production in the U.S. climbed in July, an indication that the world’s largest economy is likely to continue its growth in the second half of 2014.
The figure, which reflects the output of U.S. factories, mines and utilities, increased 0.4 percent in July from the previous month on a seasonally adjusted basis, according to the Federal Reserve report released Friday. Capacity utilization, which gauges slack across industries, increased 0.1 percent to 79.2 percent.
Economists polled by The Wall Street Journal had predicted output to inch up by 0.2 percent and the utilization rate to be at 79.1 percent.
Manufacturing production, which is the largest component of the overall number, jumped 1 percent in July, the biggest rise since February. The expansion was led by a 10 percent gain in vehicle production, the sharpest advance since July 2009.
Friday’s report also showed that mining production was up 0.3 percent, while output of utilities dropped 3.4 percent.