The manufacturing sector staged a quick turnaround in June after a fire at the plant of a Ford pickup-truck supplier knocked output lower the previous month, extending a solid run of growth for U.S. industrial activity.
The fire, which occurred May 2 at a parts plant in Michigan operated by a unit of China’s Wanfeng Auto Holding Group, led Ford to idle production of its flagship F-150 and Super Duty trucks for more than a week.
Output resumed, leading to a 0.8% increase in manufacturing output in June after a 1.0% decline the previous month, the Federal Reserve said Tuesday in a monthly report on U.S. industrial activity.
Manufacturing production has been rising since mid-2016, when rising oil prices helped reverse a hit to U.S. energy production. Manufacturing output is now up 4.2% since May 2016 and up 22% from a recession low in June 2009, according to Fed data.View Article