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US industrial production rose 0.7% in July vs. 0.3% increase expected

A contractor moves steel rebar while working on the construction site of a residential building in New York.
Victor J. Blue | Bloomberg | Getty Images
A contractor moves steel rebar while working on the construction site of a residential building in New York.

U.S. industrial production rose more than expected in July, according to Federal Reserve data released on Tuesday.

Industrial output increased 0.7 percent last month after an downwardly revised 0.4 percent increase in June. Last month, manufacturing output rose 0.5 percent.

Economists polled by Reuters had forecast industrial production climbing 0.3 percent last month.