U.S. factory output increased for a second straight month in June as motor vehicle production accelerated amid the reopening of businesses, but the nascent improvement in manufacturing activity was overshadowed by surging new COVID-19 infections.
The Federal Reserve said on Wednesday manufacturing production increased 7.2% last month. Output at factories advanced by an unrevised 3.8% in May.
Economists polled by Reuters had forecast manufacturing output rising 5.6% in June. Overall industrial production rose 5.4% last month after gaining 1.4% in May.
U.S. budget deficit hits all-time high of $864 billion in June https://t.co/1ct58PNW0n
— Los Angeles Times (@latimes) July 14, 2020
China Denies Funerals for Soldiers Killed in India Skirmish. Beijing is working to hide any evidence of the violent June encounter in the Galwan River Valley, according to a U.S. intelligence assessment. | US News https://t.co/4AXnhFi9yB
— Aditya Raj Kaul (@AdityaRajKaul) July 14, 2020