Afternoon Coffee: Industrial Production Picks Up in June, Manufacturing Activity Increases in New York

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A jump in crude oil production helped industrial production increase in June 0.3% – more than economists expected. Mining activity, specifically, rose 1% compared to May.

Manufacturing activity in New York has improved this month, according to the New York Fed’s latest report. The July reading came in at 3.9, up from the -2 seen in June.

Wholesale prices grew 0.4% in June due to an increase in fuel prices, according to Labor Department data. The jump was higher than expected by economists.

Mexico is aiming to becoming more competitive in the oil industry, with Mexican businessmen providing financing to build domestic oil companies. Mexico also will be holding 3 oil block auctions this year.

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