Industrial Production Unchanged in July

Industrial production was unchanged in July following a gain the previous month, the Federal Reserve said Thursday.

The flat reading followed a 0.2% increase in June that was lower than the 0.3% upturn first reported.

Economists had forecast a 0.3% increase in July, Bloomberg News reported.

Manufacturing output, which makes up about three-quarters of the total, dipped 0.1%, the first decline in three months, following a 0.2% increase in June.

Capacity utilization, which measures plant output, dipped to 77.6% from 77.7% in June, the Fed said. Utility output slipped 2.1%.

Motor vehicle and parts production declined 1.7% following a 1.2% gain in June.

Manufacturing accounts for about 12% of the U.S. economy. The factory sector is one of trucking’s largest and most important customers.