US: Industrial Production expanded by 3% in July as expected
|- Industrial Production in the US rose 3% in July as expected.
- Capacity Utilization improved more than expected in the same period.
Industrial Production in the United States expanded by 3% on a monthly basis in July, the Federal Reserve reported on Friday. This reading followed June's increase of 5.7% (revised from 5.4%) and came in line with the market expectation.
Additional takeaways
"Manufacturing output continued to improve in July, rising 3.4%."
"The largest gain in July, 28.3%, was registered by motor vehicles and parts; factory production elsewhere advanced 1.6%."
"Capacity utilization for the industrial sector increased 2.1% in July to 70.6%, a rate that is 9.2% below its long-run (1972–2019) average but 6.4% above its low in April."
Market reaction
The US Dollar Index largely ignored this report and was last seen losing 0.15% on a daily basis at 93.10.
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