Summary: US industrial output down 0.2% in June, below market expectations; up 4.2% over past 12 months; all major components ex mining miss expectations, prior months’ revised lower; capacity utilisation rate down 0.3ppts to 80.0%, just short of long-term average. The Federal Reserve’s industrial production (IP) index measures real output from manufacturing, mining, electricity and gas company facilities located in the United States. These sectors are thought to be sensitive...