U.S. industrial production climbed for a fifth consecutive month in June, driven mainly by gains in the mining sector, according to data released by the Federal Reserve Board on July 14.
The industrial production index—a measure of output for all U.S. facilities including factories, mines, and electric utilities—rose by 0.4 percent in June from the month before and 2 percent year over year. The month-to-month gain was better than the consensus forecast of 0.3 percent.
And for the second quarter, industrial production grew at an annual rate of 4.7 percent.
Much of the gain was driven by the mining sector, which covers oil and gas extraction, coal mining and drilling, and support services.
Mining output increased by nearly 10 percent compared to last year, buoyed mainly by the boom in U.S. shale oil production following OPEC’s decision to cut supply. The rise in U.S. shale output highlights the improvements in drilling efficiency and well productivity despite low oil prices, according to analysts.
