US industrial production grows for first time in four months

US industrial production returned to growth in June, after remaining unchanged in the previous two months and contracting in March, supported by positive performance in the utilities sector.

Data released Wednesday by the Federal Reserve showed that industrial production rose 0.3% Month-on-Month (MoM) in June, and 0.7% year-on-year (YoY).

This was supported by a 2.8% MoM growth in utilities sector production, despite a 0.80% decline YoY.

While manufacturing sector production—which accounts for 75% of total industrial production—increased 0.1% MoM, mining sector production contracted 0.3% during the same period.

The data showed that the increase in industrial production coincided with an increase in the capacity utilization rate to 77.6% in June, up from 77.5% in May.