US: Industrial Production expanded by 3% in July as expected

• Industrial Production in the US rose 3% in July as expected.
• Capacity Utilization improved more than expected in the same period.

Industrial Production in the United States expanded by 3% on a monthly basis in July, the Federal Reserve reported on Friday. This reading followed June's increase of 5.7% (revised from 5.4%) and came in line with the market expectation.

Additional takeaways

"Manufacturing output continued to improve in July, rising 3.4%." 

"The largest gain in July, 28.3%, was registered by motor vehicles and parts; factory production elsewhere advanced 1.6%."

"Capacity utilization for the industrial sector increased 2.1% in July to 70.6%, a rate that is 9.2% below its long-run (1972–2019) average but 6.4% above its low in April."

Market reaction

The US Dollar Index largely ignored this report and was last seen losing 0.15% on a daily basis at 93.10.