Industrial production, which consists of manufacturing, mining and utility production, was up for the second quarter (as compared to the second quarter last year) by 5.5% (annualized) after June numbers indicated a 0.2% increase as compared to May. The sector was led by manufacturing, the area of our greatest concern, which was up 6.7% (again an annualized rate) for the quarter. While the 6.7% annualized rate sounds pretty good, the trend, since the rates turned positive in February, have been less positive as we moved throughout the period.
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