The month of July showed more promising industrial production figures, with growth of 1 percent over June
, according to data released by the Federal Reserve.

The growth in industrial production follows a 0.1 percent decline in June, which had been revised from a 0.1 percent rise.

Industrial production was 7.7 percent higher than the same period last year.

In addition, manufacturing output was up 1.1 percent in July after falling 0.5 percent in June. The Federal Reserve attributes the jump to a boost of nearly 10 percent in the production of motor vehicles and parts. The output of mines rose 0.9 percent, while the output of utilities was up 0.1 percent.

The capacity utilization rate for total industry moved up to 74.8 percent, a rate 5.7 percent above the rate from a year earlier but 5.8 percentage points below its average from 1972 to 2009.