U.S. Manufacturing Output Rises in July for First Time in Three Months as Auto Production Rebounds – Bloomberg

U.S. manufacturing output rose for the first time in three months in July. The auto production index rebounded sharply, but other categories were mixed.

Key Point

July U.S. industrial production statistics show manufacturing production index up 0.7% from the previous month The median economist forecast rose 0.3%. June is revised upward to 0.4% decrease (preliminary figure is 0.5% decrease) Composite index of industrial production (including mining and utilities) rose 0.6% in July Market expectations were up 0.3% June is revised upward to remain unchanged from the previous month (preliminary figure decreased by 0.2%)

Auto production rose 6.6% month-on-month in July, the biggest increase in four months. The shortage of semiconductors has eased, creating room for automakers to increase production.

Excluding automobiles, the manufacturing output index rose 0.3%. Until last month, it had been declining for two months in a row. Sales of fabricated metals, wood products and aerospace equipment grew, while sales of electronics, home appliances, primary metals and furniture declined.

Manufacturing capacity utilization rose to 79.8% from 79.3% the previous month.

The utility production index fell 0.8% from the previous month. Mining rose 0.7%, the third consecutive month-on-month increase. Oil and gas drilling rose 3.3%.

See table for detailed statistics.

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