Fed Says Factory Output Unexpectedly Dropped in July

(CN) - A slump in motor-vehicle production pushed down U.S. factory output unexpectedly in July, the Federal Reserve said Thursday.

According to the Fed, automobile production fell 3.6 percent in July, the fourth decline in the last five months. That reflected a slowdown in sales that have had a positive influence on the economy in recent years.

While factory production excluding automobiles increased, the data showed some other areas of softness. Output of business equipment and construction materials dropped for the second time in three months.

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