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Industrial output heats up
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August 17, 1999: 10:33 a.m. ET
Hot July sends utility demand soaring; output level highest since March
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NEW YORK (CNNfn) - U.S. industrial production in July posted its strongest monthly gain since March as Americans sought refuge from July's sweltering heat while manufacturers again cranked up the assembly lines, the government reported Tuesday.
U.S. factory, mining and utility output climbed 0.7 percent during July, according to the Federal Reserve Board. That marked a strong increase from the revised 0.1 percent gain recorded during June, but fell just short of the 0.8 percent increase analysts surveyed by Reuters had expected.
The manufacturing sector shrugged off a sluggish June to record a 0.6 percent jump in output during July -- its strongest month in nearly a year. Excluding motor vehicles and automobile parts, which fell 2 percent, manufacturing rose 0.8 percent, led by significant growth in the manufacturing of high-technology equipment and parts.
But the month's biggest gain was saved for the utility sector, where an intense heat wave across much of the country led to a surge in demand for air conditioning, causing a 2.5 percent jump in utilities output.
Even the nation's mining sector, which has seen virtually no recent growth, posted an increase of 0.8 percent as the industry saw a recovery in oil and gas well production.
The nation's capacity utilization rate, measuring the amount of industrial capacity being used, grew to 80.7 percent, its highest rate since last December. That number was up from the 80.3 percent posted in June and right in line with analysts' expectations.
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Fedearl Reserve Board
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