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Manufacturing Output Steadies Despite Inflationary Pressures

Total industrial production (IP) increased 0.6% (+3.9% YoY) in July. Manufacturing output gained 0.7% after having fallen 0.4% in each of the two previous months. The production of motor vehicles and parts rose 6.6%, while factory output elsewhere moved up 0.3%. The index for mining increased 0.7% (oil and gas drilling reached a seven-year high), while the index for utilities decreased 0.8%.

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