U.S. industrial production fell last month in a broad retreat, reflecting a decline in manufacturing output against a backdrop of uneven goods demand. The June index of production at factories, mines, and utilities decreased 0.5 percent for a second month, Federal Reserve data showed Tuesday. Manufacturing output declined 0.3 percent in June, the most in three months.

After steadily advancing from 2020 through early 2022, the Fed's gauge of manufacturing output is down 0.3 percent from a year ago. Production has been restrained by lackluster export markets, efforts to work down inventories, and more limited consumer spending on merchandise.

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