Car maker figures display US economy is speeding up

U.S. industrial production rose more than expected in June on large gains in automotive manufacturing and utility output, the Federal Reserve said on Friday, a sign that the economy was regaining momentum at the end of the second quarter.

Industrial output increased 0.6 percent last month, the strongest gain since July 2015, after an upwardly revised 0.3 percent decline in May. Economists polled by Reuters had forecast industrial production rising 0.2 percent last month.

The industrial sector measured by the U.S. central bank comprises manufacturing, mining, and electric and gas utilities. It has shown halting signs of improvement after a downturn over the past 18 months caused by weak global demand, a strong dollar and the fall in oil prices.

In June, however, manufacturing output rose 0.4 percent after an upwardly revised 0.3 percent fall in May, while production of consumer goods rose 1.1 percent. Output of automotive products jumped 5.9 percent, while machinery output was up 1.1 percent, the Fed said. Output of computers, electronics and appliances increased 1.5 percent.

Read more on Reuters.

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