U.S. industrial production rose more than expected in July, Federal Reserve data showed Friday, supporting hopes the longest recession since the 1930s was finally drawing to a close.
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AP |
Aside from a hurricane-related rebound in October 2008, this was the first monthly increase since December 2007, which marked the start of the current recession.
Industrial production rose 0.5 percent, stronger than the 0.3 percent that economists polled by Reuters had expected and well above June's 0.4 percent decline.
Manufacturing output rose 1 percent in July, mostly because of a jump in motor vehicle assemblies which rose to an annual rate of 5.9 million units in July from 4.1 million in June.
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