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Macroeconomics  |  August 15, 2012 17:10:00

U.S. industrial production accelerated in July by 0.6 pct


U.S. industrial production accelerated in July by 0.6% after descending the revised growth of 0.1% in June, said the central bank's preliminary figure. In May, production on the basis of revisions increased by 0.1%. Seasonally adjusted production index rose 98.0 points to 4.4% and corresponded to an average of 2007. Resource utilization rate in July rose by 0.4% to 79.3% after stagnating in May and June and remained below the long-term average of 80.3%. A majority consensus expected growth in industrial production by 0.5% and the resource utilization rate 79.1%. The key manufacturing sector grew by 0.5%, the same rate as in June.Accelerated the production of motor vehicles, air transport equipment, computers and electronic equipment, furniture, plastic and rubber products and other products. Significantly decreased production of machinery and equipment, textiles, wood products and for products of petroleum and coal.

Mining grew by 1.2%, faster than 0.5% a month ago. The service sector jumped 1.3% after a decline of 3.3% in June. Supply of electrical energy increased by 1.6% while natural gas fell by 1.1%.

The rate of resource utilization in manufacturing rose by 0.2% to 77.8%, the rate of resource use in the mining industry by 0.9% to 90.4% and the rate of utilization of resources in services by 0.8% to 75.7 %. Only the utilization of resources in the mining industry surpassed the long-term average.



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