US industrial output surges in June, but still below pre-Covid levels

Production at America's factories, utilities and mines surged last month, but remained well below pre-pandemic levels.

The Federal Reserve said Wednesday that US industrial production rose 5.4 per cent in June, the second straight monthly gain after a 1.4 per cent uptick in May. But it was still 10.9 per cent below the level in February before the economy virtually shut down in the face of the coronavirus.

The June performance was better than economists had forecasts and reflected the reopening of many parts of the US economy after lockdowns in the spring.

Despite the gains in May and June,