Industrial Production Up 1 Percent In July

Tue, 08/17/2010 - 6:27am

WASHINGTON (AP) -- Industrial production rose in July as manufacturing remained a key engine of the flagging economic recovery.

The Federal Reserve reports that output at the nation's factories, mines and utilities increased 1.0 percent last month. But it says June's results were revised to a loss of 0.1 percent, reflecting the economy's sluggishness.

Factory output grew by a robust 1.1 percent in July, helped by auto plants that kept operating when they normally shutter for summer renovations. Factories are the largest single component of industrial production.

The strong manufacturing growth should ease fears that the economy could begin to shrink again. The nation emerged a year ago from its deepest recession since the Great Depression.



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