Nice surprises from the US macro data. In July the industrial production of the United States it recorded a new increase after that of June, which in turn had followed six consecutive declines. Last month, the increase was 0,6% year over year, the Federal Reserve released today. The result is higher than the expectations of analysts, who had forecast an average growth of 0,4%.
Compared to the previous month, capacity utilization rose 0,3% to 78%, but remains below the 80% pre-recession level. Analysts were expecting a figure of 78%. At the current level, the figure is 2,1 percentage points below the long-term average recorded since 1972.
Manufacturing output, the largest component of the overall data, grew by 0,8%, the largest increase since November. In particular, the 10,6% increase in the auto sector was the driving force. Production in the mining sector, the second largest component, grew by 0,2%. The production of utilities (water, electricity and gas) fell by 1%.
