Economy

U.S. industrial production rose 3% in July, marking third-straight monthly increase

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A welder builds parts for finished petroleum tanks at Southern Tank and Manufacturing Inc. in Owensboro, Kentucky, U.S.

Ty Wright | Bloomberg | Getty Images

American industry continued to regain ground lost in the coronavirus recession last month, but production remains well below where it was before the pandemic struck.

The Federal Reserve reported Friday that industrial production — including output at factories, mines and utilities — climbed 3% in July after surging 5.7% in June. Still, production remains 8.4% below its level in February before the outbreak began to spread rapidly in the United States.

Factory output rose 3.4% last month, pulled higher by a 28.3% gain in production of…



Source cnbc.com

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