The 2020 Mid-Year Economic Update_long

Industrial Production Up 0.6% in July

Manufacturing output increased 0.8 percent for the month.

Industrial production increased 0.6 percent in July after moving up 0.1 percent in June, according to the Federal Reserve. Manufacturing output advanced 0.8 percent primarily because of an increase in motor vehicle assemblies. The output of motor vehicles and parts jumped 10.6 percent, and production elsewhere in manufacturing edged up 0.1 percent. The index for mining rose 0.2 percent, while the index for utilities fell 1 percent.

At 107.5 percent of its 2012 average, total industrial production in July was 1.3 percent above its year-earlier level. Capacity utilization for the industrial sector increased 0.3 percentage point in July to 78 percent, a rate that is 2.1 percentage points below its long-run (1972–2014) average.

Most major market groups recorded gains in July, with the largest increase in the output of consumer goods, which rose 1.2 percent due to an increase of 10.9 percent in the production of automotive products.

Among the remaining categories of consumer goods, non-energy nondurables registered a small gain after decreasing in the previous two months, while energy products posted a loss of 1.3 percent. The index for business equipment edged up, as an increase of 3.5 percent for transit equipment was mostly offset by a decrease of 1.5 percent for industrial and other equipment; the production of information processing equipment was little changed. The output of business supplies moved down 0.2 percent, and the production of construction supplies moved up a similar amount for its fourth consecutive monthly gain. The index for materials rose 0.6 percent, with increases of 1.6 percent and 0.4 percent for durable and nondurable materials, respectively, and a decrease of 0.4 percent for energy materials.

Manufacturing output rose 0.8 percent in July, as the production of durable goods advanced 1.2 percent and the production of nondurable goods increased 0.4 percent.

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