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US industrial output jumps 5.4% in June
[WASHINGTON] American industry saw a rebound in June as businesses began to reopen amid the coronavirus pandemic, with total output jumping 5.4 per cent compared to May, the Federal Reserve said Wednesday.
But for the April-June quarter, which included the worst of the Covid-19 outbreak so far, industrial production collapsed at an annual rate of 42.6 perc ent, "its largest quarterly decrease since the industrial sector retrenched after World War II," the Fed said.
Manufacturing surged 7.2 per cent last month, but it was 11.1 per cent below its pre-pandemic level, while production of motor vehicles and parts remained nearly 25 per cent below its February level.
And factory output fell at an annual rate of 47.0 per cent in the second quarter, the report said.
Mining, including oil and gas production, fell 2.9 per cent in the month. The index for oil and gas well drilling fell 18.0 per cent and declined 42.7 per cent in the quarter.
Utilities output rose 4.2 per cent in June.
Industrial capacity in use continues to climb back, gaining a point to 68.6 per cent, compared to the pre-pandemic level of 76.9 per cent, the Fed said.