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twitterIndustrial production at fastest pace in 16 months
Friday, July 15, 2005 | 10:08 a.m.
WASHINGTON -- Industrial production roared ahead in June at the fastest pace in 16 months, with half of the gain attributed to a big increase in output at the nation's utilities, reflecting the onset of hot weather.
The Federal Reserve reported that industrial output increased 0.9 percent in June, three times faster than the 0.3 percent rise in May. The good performance provided further evidence that the nation's factories, mines and utilities have rebounded from a spring slowdown.
Meanwhile the Labor Department provided a second dose of good news on inflation, reporting that prices at the wholesale level were unchanged in June even though gasoline prices shot up at the fastest pace in eight months.
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