The Federal Reserve reported on Friday the U.S. industrial production rose 3.0 m-o-m in July, following a revised 5.7 percent m-o-m advance in June (originally a 5.4 percent m-o-m gain).

Economists had forecast industrial production would increase 3.0 percent m-o-m in July.

According to the report, manufacturing output grew 3.4 percent m-o-m in July, as most major industries advanced, with the largest gain registered by motor vehicles and parts (+28.3 percent m-o-m). Meanwhile, the output of utilities rose 3.3 percent m-o-m in July and mining production increased 0.8 percent m-o-m.

Capacity utilization for the industrial sector increased 2.1 percentage points m-o-m to 70.6 percent in July. That was 0.3 percentage points above economists’ forecast but 9.2 percentage points below its long-run (1972-2019) average.

In y-o-y terms, the industrial output fell 8.2 percent in July, following a revised 11.0 percent tumble in the prior month (originally a 10.8 percent drop).