Supply Chain Problems Weigh on June Output, but July Empire Index Soars

Summary Industrial production increased only 0.4% in June which was two tenths of a percent shy of the consensus expectation. Gains in mining (+1.4%) and utilities (+2.7%) offset a 0.1% dip in manufacturing, where supply chain problems continue to weigh on auto output. On the bright side, the New York Fed’s Empire Index rose to a record in July.

Manufacturing Production Soft Due to Slower Auto OutputOverall industrial production posted a gain of only 0.4% in June as increased activity in the nation’s mines and utility operations were able to offset a modest decline in factory output. Manufacturing output slipped 0.1% in June as crosscurrents in the factory sector resulted in some categories posting gains that were largely canceled out by other categories where output is still being constrained by supply chain problems. READ FULL ARTICLE>>