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Auto Industry Drives July Production Growth, Fed Says

Industrial production climbed 1 percent in July after dropping 0.1 percent in June, the Federal Reserve reports. Manufacturing output also increased, by 1.1 percent, after dropping 0.5 percent in June. An approximately 10 percent increase in vehicle production accounted for the growth.

Most markets saw output gains in July, except for nondurable consumer goods, which broke even. Consumer durable output grew nearly 5 percent, auto products gained 8.8 percent, and home electronics and miscellaneous goods rose 1.3 percent and 1.5 percent, respectively.

A jump in light truck production accounted for much of the auto industry's output gains.

Some of the few losing sectors were food, tobacco, and clothing. Within the non-energy nondurables category, that division dropped a total 0.2 percent in output.

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