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Friday, September 20, 2019
HomeNewsEconomyMining, Manufacturing Fuel Gains in U.S. Industrial Production for June

Mining, Manufacturing Fuel Gains in U.S. Industrial Production for June

A worker stacks boxes of television sets after they have been assembled, checked and repackaged, before moving them to the warehouse at Element Electronics in Winnsboro, South Carolina May 29, 2014. (Photo: Reuters)
A worker stacks boxes of television sets after they have been assembled, checked and repackaged, before moving them to the warehouse at Element Electronics in Winnsboro, South Carolina May 29, 2014. (Photo: Reuters)

A worker stacks boxes of television sets after they have been assembled, checked and repackaged, before moving them to the warehouse at Element Electronics in Winnsboro, South Carolina May 29, 2014. (Photo: Reuters)

U.S. industrial production came in at 0.4% in June, slightly higher than the 0.3% median forecast and much higher than the 0.1% in May.

Mining continued to gain in June, with output rising 1.6% in June and 9.9% year-over-year. Mining has been strong for five months this year and for the last three straight. Utilities were unchanged at -2.2%.

Manufacturing, which represents the vast majority of the industrial sector in the U.S. and industrial production gauge, unexpectedly gained 0.2%. Factory output breakdowns show widespread strength, with vehicles gaining 0.7% and selected hi-tech up 0.8%.

The June gain in Manufacturing follows a 0.4% decline in May and 1.0 surge in April, which essentially offset the 0.8% decline in March.

But both consumer goods and business equipment were flat, though year-over-year they’re up 0.3% and 0.8%, respectively.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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