- Industrial Production in US expanded at a stronger pace than expected in July.
- US Dollar Index continues to push higher toward 93.00.
Industrial Production in the United States expanded by 0.9% on a monthly basis in July, the data published by the US Federal Reserve revealed on Tuesday. This print followed June's increase of 0.2% (revised from 0.4%) and came in better than the market expectation of 0.4%.
Additional takeaways
"In July, manufacturing output rose 1.4%."
"At 101.1% of its 2017 average, total industrial production in July was 6.6% above its year-earlier level but 0.2% below its pre-pandemic (February 2020) level."
"Capacity utilization for the industrial sector rose 0.7 percentage point in July to 76.1%, a rate that is 3.5 percentage points below its long-run (1972–2020) average."
Market reaction
The US Dollar Index preserves its bullish momentum after this report and was last seen gaining 0.37% on a daily basis at 92.95.
