U.S. FACTORY OUTPUT DIPS 0.1% IN JUNE ON AUTO CHIP SHORTAGE
U.S. factory output slid last month as a shortage of computer chips disrupted auto production. Manufacturing production dipped 0.1% in June — third drop in five months, the Federal Reserve reported Thursday. Overall, industrial prdouction — including output at factories, mines and utilities — rose 0.4% last month after increasing 0.7% in May. Industrial output is up 9.8% from a year earlier. The chip shortage pushed production of cars, trucks and auto parts down 6.6% in June. Excluding autos, industrial production rose 0.4% last month. “The manufacturing sector continues to be hobbled by supply constraints,”said Stephen Stanley, chief economist at Amherst Pierpont Securities. “The highest profile example is the struggle by automakers to manage through a chip shortage.” Utility output climbed 2.7% in June as Americans cranked up the air conditioning to battle a heat…