Data released by the Federal Reserve today, Tuesday, August 16, revealed that factory production in the United States rose during July, indicating the strength of the manufacturing sector despite the decline in business confidence.
Factory production in America rose 0.7% last month following a 0.4% decline in June, while analysts had expected a 0.2% rise.
US factory production rose on an annualized basis by 3.2% last month.
This comes as the manufacturing sector (which constitutes 11.9% of the US economy) has received a boost from the strong demand for commodities.
