U.S. Industrial Production Sees a Notable Increase in June

In a surprising turn of events, the United States witnessed a 0.3% increase in industrial production this June, surpassing analysts' forecasts. This revelation came from the Federal Reserve's Board of Governors in their latest report.

Sector-wise Breakdown of the Production Growth

The manufacturing sector showed a modest 0.1% growth from May to June, marking a 0.8% increase compared to the same month last year. Meanwhile, the mining sector experienced a slight 0.3% decline monthly but saw a 1.6% rise annually. The utilities sector stood out with a 2.8% monthly jump, despite a 0.8% yearly drop.

Capacity Utilization on the Rise

Capacity utilization edged up to 77.6% in June, still 2 percentage points below its long-term average. Annually, there was a 1.5 percentage point increase, indicating a gradual recovery in industrial activities.