U.S. factory production in July posted the strongest gain in 4 months, reflecting a surge in production at auto plants that are still wrestling with major supply chain problems.
Manufacturing output increased 1.4% in July following a decline of 0.3% in July, the Federal Reserve reported Tuesday. It was the best showing since a 3.4% gain in March.
Overall, industrial production — which includes manufacturing, utilities and mining — posted a 0.9% increase, the best performance since a 2.8% surge in March.
The mining sector, which includes oil and gas production, rose 1.2% while output in the utility sector fell 2.1% in July.
