U.S. industrial output advanced at its strongest pace in eight months in July as auto production surged in a bullish signal for third-quarter economic growth.
Industrial production shot up 0.6 percent last month after a downwardly revised increase of 0.1 percent in June, the Federal Reserve said on Friday. Economists polled by Reuters had looked for a gain of just 0.3 percent last month.
The gain in output reflected a 0.8 percent increase in factory production that was spurred by 10.6 percent surge in motor vehicle output that more than offset a June decline.
Mining production edged up 0.2 percent, while utilities production fell 1.0 percent.
Read more: http://www.businessinsider.com/r-industrial-output-jumps-as-auto-production-surges-2015-8?IR=T
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