July Production Up 0.2% as Weak Gains Continue

Production from the nation’s industries rose a slight 0.2% in July, continuing the weak gains that have occurred all year, the government reported today.

The Federal Reserve Board report said July’s increase followed a revised 0.3% June rise. June’s gain had originally been reported as a 0.1% advance.

The weak advances in industrial production spotlight the troubles U.S. manufacturers have been having with a barrage of foreign competition. Imports have robbed domestic industries of sales, triggering cutbacks in production and employment.

In another report, the Federal Reserve said today that Americans took on $6.8 billion more in installment debt than they paid off in June. It was the smallest monthly gain in consumer debt this year.