RTTNews - With the production of automotive products showing a notable increase, the Federal Reserve released a report on Friday showing that industrial production in the month of July increased by more than economists had been anticipating.
The report showed that industrial production increased by 0.5 percent in July after falling by 0.4 percent in June. Economists had been expecting a slightly more modest increase in industrial production of about 0.4 percent.
Additionally, the Fed said that the capacity utilization rate rose to 68.5 percent in July from a revised 68.1 percent in June. Capacity utilization had been expected to edge up to 68.3 percent from the 68.0 percent originally reported for the previous month.
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