U.S. factory production was unchanged in June, but grew at a robust pace in the second quarter, driven by an artificial intelligence build-up and businesses accumulating inventory in anticipation of shortages and higher prices due to the war in the Middle East.
The flat reading in manufacturing output last month reported by the Federal Reserve on Friday followed an upwardly revised 0.1% gain in May. Economists polled by Reuters had forecast production edging up 0.1% after a previously reported unchanged reading in May. Output increased 1.1% year-on-year in June.
