Industrial production roared ahead in June at the fastest pace in 16 months, with half of the gain attributed to a big increase in output at the nation’s utilities, reflecting the onset of hot weather.
The Federal Reserve reported that industrial output increased 0.9 percent in June, three times faster than the 0.3 percent rise in May. The good performance provided further evidence that the nation’s factories, mines and utilities have rebounded from a spring slowdown.
In another report, the Commerce Department said business inventories rose a slight 0.1 percent in May as stockpiles of unsold cars at auto dealerships fell sharply. The small May increase followed a revised 0.2 percent rise in April inventories held at all levels of business.
