Afternoon Coffee: Industrial Production Declines, New York Manufacturers See Dip in June

Industrial production slowed in May, dropping 0.2% as manufacturers and crude oil producers feel the effect of the declining oil prices. Mining, utilities, consumer goods, construction and defense activities all declined last month, according to the latest data from the Federal Reserve.

Manufacturing activity in New York specifically has taken a hit. The June Empire State Manufacturing Survey showed the general business conditions index fell 5 points to -2.0 and the new orders index declined 6 points to -2.1.

The drop in gasoline prices has led to a decrease of sedan car sales in the US, as more consumers buy SUVs and pickup trucks instead of the smaller, more fuel-efficient vehicles. New data shows 21% of compact car purchases are being used as rental cars, up from 17% last year.

CVS will acquire Target’s pharmacy and clinic business for $1.9 billion. The deal includes more than 1,600 Target pharmacies.

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