Although the supply chain issues have hampered the growth of the industrial sector, strong demand for goods has kept it buoyed. Production at U.S. factories increased more than expected last month, with total industrial production increasing by 0.6%. Moreover, capacity utilization for the manufacturing sector increased half a percentage point to 79.8%, rising above its long-run average. Overall capacity use for the industrial sector rose from 79.9% in June to 80.3%.
Additionally, acceleration in digital technologies to boost operational efficiencies, remaking of supply chains, and rigorous sustainability practices are expected to help boost industrial production and capacity utilization, fostering continued growth.
