Federal Reserve Reports on Manufacturing Growth
Federal Reserve data shows manufacturing up 0.6% led by motor vehicles and parts.
March's production revised down 0.3%.
Q2 business investment robust in metals, minerals, agricultural equipment, electronics.
Capacity utilization at 75.8%, highest since September.
Defense and space equipment production up for five months.
Computers, aerospace, nonmetallic minerals had solid gains.
Oil and gas drilling down for two months.
Strait of Hormuz closure causing cost pressures.
Economists expect inflation to persist.
New York factory activity up at fastest pace in four years in May.
Tight capacity may limit future growth.
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