9:15AM U.S. industrial production up 0.5% on utility output by Greg Robb
WASHINGTON (CBS.MW) -- Industrial production rose 0.5 percent in July, the Federal Reserve said Friday. This is the biggest rise since January and was well above Wall Street expectations of a 0.2 percent gain. The rise was mainly due to output at the nation's utilities, which rose 3.9 percent in July. Excluding utilities, production increased 0.1 percent in the month. Capacity utilization rose to 74.5 percent in July from 74.2 percent in June, which was the lowest rate in 20 years. Output of motor vehicles and parts rose 2.9 percent in July after rising 1.7 percent in June. Excluding autos, production rose 0.3 percent. Production of high-tech equipment rose 0.8 percent in the month. Industrial production was revised to flat in June, down slightly from the initial estimate of a 0.1 percent increase.
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