US July industrial production and capacity utilization data
- prior was 0.4% (revised to 0.2%)
- industrial production 0.9% versus 0.5% estimate
- capacity utilization 76.1% versus 75.7% estimate. Prior month remained unchanged at 75.4%. Mining came in at 76.9% versus 75.9% last month, while utilities declined to 72.6 from 74.3
- manufacturing output increased 1.4% versus -0.3% last month (revised from -0.1% previously reported)
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Total industrial production in July was 6.6 percent above its year-earlier level but 0.2 percent below its pre-pandemic (February 2020) level. Capacity utilization for the industrial sector rose 0.7 percentage point in July to 76.1 percent, a rate that is 3.5 percentage points below its long-run (1972-2020) average.
Despite the large increase last month, vehicle assemblies continued to be constrained by a persistent shortage of semiconductors; the production of motor vehicles and parts in July was about 31/2 percent below its recent peak in January 2021. The output of utilities decreased 2.1 percent in July, while the index for mining rose 1.2 percent.
