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U.S. Factory Output Slips as Auto Production Dips
Factory output in the U.S., which rose 0.2% in June, fell 0.1% in July, as a 3.6% drop in auto production offset a 0.2% gain elsewhere in the manufacturing sector, the Federal Reserve reports.
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Factory output in the U.S., which rose 0.2% in June, fell 0.1% in July, as a 3.6% drop in auto production offset a 0.2% gain elsewhere in the manufacturing sector, the Federal Reserve reports.
Last month’s decline in vehicle output marked the fourth such drop in the past five months. Car sales have lagged year-earlier levels every month in 2017 and were down 3% for the year through July, according to Autodata Corp.
But Bloomberg News notes that monthly data are volatile and could be revised. The July drop reported by the Fed contradicts the Institute for Supply Management’s factory index for July, which climbed to its second-highest level in six years. ISM further predicts a gradual acceleration in production over the next several months.
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