And a measure of expected output in the coming year climbed to the highest since May 2022, boosted by firmer domestic demand.

While inflation is mostly retreating around the world, soaring shipping costs and a jump in oil prices are stoking worries about a revival of cost pressures.

Although the value of exports rose 1.6 percent, on growth in export of industrial supplies and autos, imports increased 1.7 percent.

Inflation is cooling, even as the job market remains resilient.

But companies are upbeat about the outlook, buoyed by hopes of a stabilization in interest rates and inflation.

U.S. factory production rose in July for the first time in three months, boosted by a surge in motor-vehicle output that helped manufacturing to stabilize. Output…

After steadily advancing from 2020 through early 2022, the Fed's gauge of manufacturing output fell in June, down 0.3 percent from a year ago.

As inflation cools in the United States, it continues rising in Europe.