Industrial production increased 0.2% in June, the Federal Reserve reports. The rise is moderately below expectations, although the good news is that industrial output is still expanding at a decent pace on a year-over-year basis, which suggests that the outlook for the business cycle is still encouraging. The bad news is that we have another data point that hints at the possibility that the economy isn’t about to accelerate much beyond the modest pace we’ve seen lately.
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Housing starts are expected to total 1.017 million in tomorrow’s update for June, based on The Capital Spectator’s median econometric point forecast (seasonally adjusted annual rate). The projection represents a modest increase vs. the previously reported 1.001 million for May.
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