US industrial output falls 0.6% in July, more than estimates

Manufacturing output down 0.3%; capacity utilization at 78.4%

By Ovunc Kutlu

ISTANBUL (AA) - US industrial production fell 0.6% in July, compared to the previous month, more than expectations, according to Federal Reserve data released Thursday.

The market expected the figure to show a decline of 0.3%. The figure for June was revised down to a rise of 0.3% from 0.6%.

"Early July shutdowns concentrated in the petrochemical and related industries due to Hurricane Beryl held down the growth of industrial production by an estimated 0.3 percentage point," said the Fed.

Manufacturing output decreased 0.3% in July from the previous month, also falling more than expectations of a 0.2% decline.

The figure for June was unrevised for an increase of 0.4%.

Capacity utilization, which indicates overall growth and demand in the economy, fell to 77.8% in July, also lower than estimates of 78.5%.

That figure for June, on the other hand, was revised to 78.4% from 78.3%.

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