Manufacturing Economic Report

The Federal Reserve reported that manufacturing production rebounded in June, up 0.2 percent, after falling in two of the three prior months. Overall, springtime production in the sector was choppier than expected, especially given the more robust outlook in other data sources. Yet, even with some disappointment in recent months, the longer-term trend for output among manufacturers has been quite positive. Across the past 12 months, manufacturing production has risen 1.2 percent. It was the eighth consecutive positive year-over-year reading for manufacturing output and progress from the 0.2 percent year-over-year gain in June 2016. In addition, total industrial production jumped 0.4 percent in June, up from 0.1 percent in May and rising for the fifth straight month. Industrial production has risen 2.0 percent year-over-year, matching the pace in May, with both being the best readings since January 2015.