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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]
