8/16/2011 10:15:00 AM
Industrial production jumped 0.9% in July, the largest gain this year, as automobile manufacturing surged, the Federal Reserve said Tuesday.
The measure of output from factories, mines and utilities followed a revised 0.4% increase in June that was more than previously estimated.
The increase surpassed economistsâ€™ forecasts of a 0.5% rise, Bloomberg reported.
Factory production, which makes up three-quarters of the total, rose 0.6%.
Production of automobiles and parts leaped 5.2%, while factory production excluding autos rose 0.3%.
Business equipment production increased 0.6%.
Capacity utilization, which measures plant output, rose to 77.5%.
Manufacturing accounts for about an eighth of the U.S. economy and the factory sector is one of truckingâ€™s largest and most important customers.
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