Industrial production edges down

Industrial production fell 0.7% in June, to 142.5% of its 1992 average, according to the Federal Reserve. Second-quarter production was down 5.6% at an annual rate. After nine consecutive months of decline, industrial production in June was more than 3.5% below its level in June 2000. Manufacturing output, which also posted its ninth consecutive monthly decline, contracted 0.8% in June, to more than 4% below its year-earlier level. Mining output weakened 0.4%, and utilities production increased 0.9%. The rate of capacity utilization for total industry sank to 77%, more than 5 percentage points below its 1967-2000 average.

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