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US factory output surges in July

US factory output rose for the sixth consecutive month in July, led by a jump in the production of motor vehicles, furniture, textiles and metals.

The Federal Reserve said that Manufacturing production rose 1% in July compared with the prior month. Factory output in June was revised slightly higher to a 0.3% increase. Over the past 12 months, manufacturing has risen 4.9%.

Demand for autos surged 10.1% last month, the largest increase since July 2009. The broader increase in manufacturing points to stronger growth across the economy, suggesting that manufacturers expect the pace of business investment and consumer spending to improve in the coming months.

Mr Stuart Hoffman chief economist at PNC Financial Services said that “Manufacturing will continue to add to the recovery throughout 2014 and into 2015.”

Overall industrial production, which includes manufacturing, mining and utilities, rose 0.4% in July, dragged down by a 3.4% drop in production at utilities.

According to the government’s jobs report, Manufacturers added 28,000 workers last month. That builds on the 23,000 employees that factories added in June, a sign that companies expect demand to continue its upward swing.

Source – The Associated Press

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