Industrial Production Declines for Second Consecutive Month, Manufacturing Output Up for Second Quarter
Major Market Groups and Industry Sectors Experience Declines, Except for Defense and Space Equipment
Industrial production in the United States faced a setback for the second consecutive month, declining by 0.5 percent in June, according to a statement by Federal Reserve Board.
However, there is a silver lining as manufacturing output showed resilience, advancing by 0.7 percent at an annual rate for the second quarter. The overall performance reflects a mixed picture for the industrial sector. This article will delve into the details of market groups and industry sectors, highlighting both the challenges and positive developments.
Market Groups
Declines across Most Major Market Groups in June In June, most major market groups witnessed declines in their output. The consumer durables index took a significant hit, falling by 2.7 percent. The decline was primarily driven by decreases in the production of appliances, furniture, carpeting, and automotive products, which all experienced notable drops.
