For June, industrial production rebounded 0.5% after a revised 0.1% decline during the prior month. The magnitude of the rebound matched Consensus expectations.

Little of the figures were distorted by movement in the utility or in the mining categories. As a result, factory output rose 0.5% after a revised no change in May.

Consumer goods output surged 0.7% (1.6% y/y) led by a 2.5% (-1.7% y/y) pop in motor vehicle output. Production of computers & electronics also rose a strong 1.1% (9.3% y/y) while output of furniture rose a tentative 1.2% (-4.1% y/y). To the downside was production of apparel by 2.4% (-3.4% y/y.

Production of business equipment was unchanged for the second consecutive month (3.4% y/y), held back by a 0.6% decline in output of industrial & other equipment. Information processing & related equipment rose 0.4% (5.7% y/y.

Capacity utilization rose to 81.7%from 81.4% in May as capacity rose 0.1% (2.1% y/y for the fifth strait month.

How Accurate Are Real-Time Estimates of Output Trends and Gaps? from the Federal Reserve Bank of Richmond can be found here.