Industrial production rose an expected 0.3% following an upwardly revised gain of 0.6% during June.

Factory output surged another 0.6%, bringing the three month change in output to 1.2%, its best gain in about one year.

Consumer goods output grew 0.4% (2.4% y/y) after the upwardly revised 1.0% June jump. Higher output of automotive products, up 2.4% (8.7% y/y), accounted for much of the gain. Production of computers & electronics fell 0.1% (+16.4 y/y) while output of furniture & appliances fell 1.2% (-4.0% y/y). Production of apparel also fell by 1.4% (-4.0% y/y.

Production of business equipment rose 0.9% (3.8% y/y). Output of industrial & other equipment rose 1.0% (1.4% y/y) and information processing & related equipment output increased 0.7% (7.9% y/y) for the second consecutive month.

Capacity utilization rose to 81.9%from 81.8% in June as capacity rose 0.1% (2.1% y/y).

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