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US industrial production declines in July on manufacturing slump

US industrial production declines in July on manufacturing slump

Mubasher: US industrial output saw a decline in July, led by a manufacturing downturn, adding another worrying sign for the world’s biggest economy.

Industrial production, a gauge of factory, mining and utility output, edged down by 0.2% last July, compared with a revised gain of 0.2% in June, data by the Federal Reserve Bank showed on Thursday.

Production at US factories, which makes up 75% of the nation’s overall industrial output, fell by 0.4% during May, as on lower production of vehicles, fabricated metals, wood products, textiles and plastics.

A slowdown in global economy have caused manufacturers to struggle, amidst a flaring trade conflict with China.

Output of mining sector, comprising oil and gas drilling activities, dropped by 1.8% during July, as Hurricane Barry temporarily ceased oil extraction operations in the Gulf of Mexico.

Meanwhile, production at US utilities climbed by 3.1% in July.

Capacity utilisation, which reflects the constraints to operating factories, mines and utilities in the US, fell by 2.2% to 77.5% during the month.

At 1:47 pm GMT, the EUR/USD pair fell by 0.19% to $ 1.1118.