U.S. industrial production grew in June 0.6%, the Federal Reserve reported today. It was the fastest monthly growth rate for industrial production in nearly a year, thanks in large part to an uptick in auto and utility output.
Business inventories in the U.S. also rose more than expected in May. Inventories were up 0.2% for the month, according to the Commerce Department.
The Department of Transportation proposed requiring railroads that transport crude oil to have a comprehensive plan in place for dealing with an oil spill. The proposed rule would hold the rail industry accountable for a significant spill and make them prepare for a “worst-case scenario,” Transportation Secretary Anthony Foxx said.