In July, US industrial production declined 0.6%, led by a 0.3% drop in manufacturing and a 3.7% drop in utilities.

In July, US industrial production declined by 0.6%, surpassing the expected 0.3% decrease. The manufacturing sector experienced a 0.3% drop, primarily due to an 8% decrease in motor vehicle and parts output. The utilities index saw a 3.7% slump. The decline in industrial production may fuel calls for the Federal Reserve to cut its key lending rate.

August 15, 2024
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