WASHINGTON — Production at America’s factories, utilities and mines surged last month, but remained well below pre-pandemic levels.
The Federal Reserve said today that U.S. industrial production rose 5.4% in June, the second straight monthly gain. But it was still 10.9% below the level in February before the economy locked down in the face of the coroanavirus.
Factory production jumped 7.2% in June. The figures were better than economists had forecast.
Production at utilities climbed 4.2%. But mining output sank 2.9% last month, the fifth straight drop, pulled down by plummeting oil and gas production.