Cleaning & Restoration Breaking News

Industrial production increases for sixth straight month

July 18, 2002
/ Print / Reprints /
ShareMore
/ Text Size+
WASHINGTON (AP) - The Federal Reserve reported on Tuesday that production at factories, mines and utilities increased for a sixth consecutive month, jumping by 0.8 percent in June, the largest monthly increase since October 1999. It was better than the 0.5 percent many analysts were expecting.

Federal Reserve Chairman Alan Greenspan said in congressional testimony that Tuesday's rise was a "fairly significant increase." Productivity, without a major increase in employment, is "still moving at a really quite remarkable pace," he said.

"At some point these very dramatic gains are going to slow down to a more sustainable long-term pace, at which point there will be a fairly marked pickup in employment," Greenspan told the Senate Banking Committee.

Production of automobiles and parts, home electronics and computers and office equipment increased in June. Declines were reported in appliances, furniture and carpeting.

Industrial production in May was revised slightly higher to 0.4 percent instead of the 0.3 percent advance the Fed estimated a month ago. At factories alone, the sector also posted a sixth straight increase, rising 0.7 percent in June. Output at mines expanded 1.1 percent, and production by utilities increased 1.6 percent.

The behavior of consumers, whose spending accounts for two-thirds of the country's economic activity, and of businesses, whose deep cuts in capital investment helped push the economy into recession, will shape the recovery.

Citing worries about the strength of the rebound, the Federal Reserve has opted at each of its four meetings this year to leave short-term interest rates at 40-year lows. Growing numbers of economists believe the Fed might leave rates unchanged for the rest of the year. Policy-makers said they hope low rates will encourage consumers to spend and businesses to invest, which would help the economy to rebound.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

1/27/15 2:00 pm EST

Grow Your Business and Improve Operations with New Payment Technology

Attend this free webinar to learn how new developments in payment technology can help you close more jobs, increase upselling opportunities and improve operations.

Podcasts

The winter slow season is a great time to pursue commercial cleaning accounts and stay busy. John "the Hitman" Braun solicited questions from thousands of cleaners across the country regarding their questions on commercial cleaning accounts and answers them in this episode of the show.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2014 Nov/Dec

The Nov/Dec ICS features content on how to get better meter readings, a roundtable on truckmount development, neighborhood marketing and more. Also included is the annual Buyer’s Guide and Directory.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive

THE ICS STORE

FinalCover.gif
The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.pngcrc logo

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view