Posted: Friday, August 15th 2014 at 10:47am
US factory output surges in July
By The Associated Press
WASHINGTON (AP) -- U.S. factory output rose for the sixth consecutive month in July, led by a jump in the production of motor vehicles, furniture, textiles and metals.
Manufacturing production rose 1 percent in July compared with the prior month, the Federal Reserve reported Friday. Factory output in June was revised slightly higher to a 0.3 percent increase. Over the past 12 months, manufacturing has risen 4.9 percent.
Demand for autos surged 10.1 percent last month, the largest increase since July 2009. The broader increase in manufacturing points to stronger growth across the economy, suggesting that manufacturers expect the pace of business investment and consumer spending to improve in the coming months.
"Manufacturing will continue to add to the recovery throughout 2014 and into 2015," said Stuart Hoffman, chief economist at PNC Financial Services.
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