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U.S. Industrial Production Unexpectedly Unchanged In June

With a steep drop in utilities output offsetting increases in manufacturing and mining output, the Federal Reserve released a report on Tuesday showing U.S. industrial production was unexpectedly flat in the month of June.

The Fed said industrial production was unchanged in June after climbing by 0.4 percent in May. Economists had expected production to edge up by 0.2 percent.

Industrial production was unchanged as utilities output plunged by 3.6 percent, with milder-than-usual temperatures reducing demand for air conditioning.

On the other hand, the report said manufacturing output climbed by 0.4 percent and mining output rose by 0.2 percent.

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