Industrial production fell by 0.2 percent in June but grew at a 6.1 percent annual clip during the second quarter, according to a Federal Reserve study.
Manufacturing output decreased by a half-percentage point in June for a second consecutive month but still rose at an annual rate of 4.2 percent in quarter two. Durable and nondurable manufacturing decreased by 0.3 percent and 0.8 percent, respectively, in June. Capacity utilization rates for manufacturing fell by a half-percentage point in June to 79.3 percent, which is still more than 1 percentage point above its long-term average.
Indexes for durable and nondurable consumer goods fell by 1 percent and 0.7 percent, respectively. The appliance, furniture and carpeting category had the largest loss among the consumer goods components at 3.3 percent. Only home electronics, miscellaneous goods and clothing had gains.
The output of business equipment slightly increased, and the production of defense and space equipment fell 0.2 percent. Construction and business supplies indexes fell by 0.1 percent and 0.5 percent, respectively.
Driven by a strong oil and gas sector, the output of mining increased 1.7 percent in June and 14.5 percent in the second quarter. The utilities index dropped 1.4 percent in June but increased at an annual rate of 5.1 percent in the second quarter.
According to the U.S. Census Bureau, there were $680.6 billion in retail and food service sales in June, a 1 percent increase from May and 8.4 percent jump from June 2021. Total sales from April to June were 8 percent higher than the year prior. Retail trade sales increased by 1 percent from May, and 7.7 percent above last year. As gas prices remained historically high, gas station sales increased by 49.1 percent from June 2021.