Industrial production flat in July

Aug. 15, 2013 at 2:11 PM
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WASHINGTON, Aug. 15 (UPI) -- Industrial production was flat in July after rising 0.2 percent in June, the U.S. Federal Reserve said Thursday.

Manufacturing output in July fell by 0.1 percent. Production at mines in July rose 2.1 percent. Output at utility companies offset that gain with a 2.1 percent drop, the central bank said.

Output at utilities fell for the fourth consecutive month..

Total production in July was at 98.9 percent of its 2007 average and 1.4 percent above the level of July 2012, the Fed said.

The rate of capacity utilization among industrial firms -- the percentage of production compared to companies going at full steam -- edged 0.1 percentage points lower to 77.6 percent in July.

That rate is 2.6 percentage points below its historic average, using data from 1972 through 2012..

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