Washington, DC, Aug. 15, 2008-- U.S. industrial production slowed in July, restrained by a drop in output at utilities as the weather turned fairer.
Industrial production increased 0.2 percent, following a revised 0.4 percent climb in June, the Federal Reserve said Friday. Previously, June output was seen rising 0.5 percent.
Economists expected industrial production to remain flat, with a capacity utilization rate of 79.8 percent for the month. Over the 12 months ending in July, industrial production was 0.1 percent lower.
Manufacturing production increased 0.4 percent in July, after inching 0.1 percent higher in June. Manufacturing capacity utilization increased to 77.7.
Excluding motor vehicles and parts, industrial production would have gone flat in July. Machinery production rose by 0.7 percent in July after remaining flat in June. Business equipment increased 0.8% in July.
Production of construction supplies increased 0.3 percent in July after sliding 0.2 percent in June. The housing slump has been dragging down the construction industry; public infrastructure and commercial construction are expected to slow.
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