US Industrial output likely quickened in July

Powered by an auto-led rebound in manufacturing output, US industrial production probably climbed by 0.5% in July, the largest gain since last November. 

"Buoyed by an anticipated surge in motor vehicle assemblies during the reference period, factory output likely jumped by 0.8% in July, more than offsetting the 0.1% dip recorded in June", says Societe Generale. 

Reduced crude oil extraction is expected to be the major factor behind a projected 0.4% dip in mining activity, after a 1.1% gain in the prior month. A return to more normal temperatures in July probably triggered a modest 0.2% contraction in utilities generation in July. 

"With output increases expected to eclipse additions to productive capacity last month, the overall operation rate likely climbed by 0.3-percentage point to 78.1%, the tightest reading since March", added Societe Generale.