July Production Up 0.2% as Weak Gains Continue
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WASHINGTON — 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.
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