US: Industrial Production expands by 0.9% in July vs. 0.4% expected

Industrial Production in US expanded at a stronger pace than expected in July.
US Dollar Index continues to push higher toward 93.00.

Eren Sengezer FXStreet

Industrial Production in the United States expanded by 0.9% on a monthly basis in July, the data published by the US Federal Reserve revealed on Tuesday. This print followed June's increase of 0.2% (revised from 0.4%) and came in better than the market expectation of 0.4%.

Additional takeaways

"In July, manufacturing output rose 1.4%."

"At 101.1% of its 2017 average, total industrial production in July was 6.6% above its year-earlier level but 0.2% below its pre-pandemic (February 2020) level."

"Capacity utilization for the industrial sector rose 0.7 percentage point in July to 76.1%, a rate that is 3.5 percentage points below its long-run (1972–2020) average."

Market reaction

The US Dollar Index preserves its bullish momentum after this report and was last seen gaining 0.37% on a daily basis at 92.95.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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