News Summary: US factories raise output in June
Posted at: 07/16/2013 12:35 PM
The Associated Press
BUSIER FACTORIES: U.S. factories turned out more business equipment, home electronics and autos in June. The Federal Reserve said factory production rose 0.3 in June from May. That followed a 0.2 increase in May. But the increases only offset production drops in March and April.
OVERALL PRODUCTION: Industrial production, which includes factories, mines and utilities, also rose 0.3 percent in June. Mining output increased 0.8 percent; utility output slid 0.1 percent.
SLOW RECOVERY: The uptick in factory production suggests manufacturing may be recovering from a slow start this year. Manufacturing output is still up just 1.8 percent over the past year. And factories have shed 24,000 jobs since February.
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