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Industrial Production Declines for Second Consecutive Month, Manufacturing Output Up for Second Quarter

By News Desk - Jul 19, 2023, 05:00 AM ET
Last Updated - Jul 19, 2023, 11:23 AM EDT
industrial_production_usa_2023_six_months
US Industrial Production Index for first six months of 2023.

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.

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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. 

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