Industrial production continued to grow at a slower pace in June, posting a modest 0.1% gain. Looking at the details, the largest positive contributions came from mining and utilities, which both rose 0.4%. Gains in mining output were driven by both oil and gas extraction and drilling activity, which more than offset a decline in other mineral extraction. Notably, mining output is up at a rapid 12.1% annualized rate in the last three months, an encouraging sign that US energy companies may finally be ramping up output as supply disruptions continue in the Middle East. Meanwhile, utilities output (which is volatile ... (full story)