Industrial production was flat during June. According to analysts at Wells Fargo, a drop in utilities output outweighed gains in mining and manufacturing. They see that despite the second consecutive monthly gain, manufacturing output remains fairly weak.
“Overall industrial production was essentially unchanged in June. However, the underlying details paint a slightly better picture, as solid gains in manufacturing and mining were not enough to offset a decline in utilities.
“Mining rose 0.2%, bolstered by oil and gas extraction. A steadily declining rig count will limit potential future gains. Utilities gave back all of May’s weather-induced bump and dropped 3.6%.
“Slowing global growth, trade uncertainty and a stronger dollar will likely continue to weigh heavily on the factory sector.”
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