US Manufacturing Beats June Estimates
US manufacturing posted its highest gains since January last month, thanks in large part to the automobile industry and growing domestic demand.
Factories, which account for 75% of industrial production, had a 0.4% increase in June, up from May's 0.3% decline, the Federal Reserve reported today. Complete industrial production—including mines and utilities—rose 0.6%, the biggest gain in nearly a year, Bloomberg reports.
A number of factors attributed to manufacturers' good results, including the stabilization of oil and commodities prices, smaller inventories and a stronger dollar following the Brexit fallout. [Bloomberg]