Wall Street Journal (07/16/15) Nick Timiraos

U.S. industrial production rose a seasonally adjusted 0.2% in June from May, according to the U.S. Federal Reserve. Manufacturing production, the largest component of industrial production, increased 0.1%. June’s increase in industrial production was the fourth gain in the last five months, while the manufacturing gain was the fifth consecutive increase. Factory payrolls added 139,000 jobs in June, the 11th consecutive monthly increase. However, manufacturing job growth continues to expand below prerecession levels.

Wall Street Journal (07/16/14) Jonathan House; Sarah Portlock

The producer price index rose a seasonally adjusted 0.4% in June from May, when prices fell 0.2%, according to the U.S. Department of Labor. Economists surveyed by the Wall Street Journal had forecast a gain of 0.3%. The June price gains were broad based. Energy prices rose 2.1% and accommodation and airline service prices also rose. However, food prices fell 0.2%, down for the second month in a row after increasing substantially earlier in the year.

Wall Street Journal (07/15/14) Jon Hilsenrath

Interest rates should remain low for the time being, but they could be raised earlier than anticipated if the labor market continues to improve, U.S. Federal Reserve chairman Janet Yellen yesterday told the Senate Banking Committee. The labor market is bouncing back quicker than expected, she said, although it is still plagued by low levels of labor-force participation and slow wage growth. The Fed’s short-term rate has been close to zero since late 2008. Yellen said the agency has been fooled by false signs of economic recovery before, so caution is needed.

Wall Street Journal (07/15/14) Michael S. Derby

Esther George, president of the Federal Reserve Bank of Kansas City, says the strengthening labor market and rising inflation mean the U.S. economy would be best served by a steady and gradual return to a more normal interest rate environment. “Waiting too long may allow certain risks to build, that if realized, could harm economic activity without room to adjust rates in response,” she says. “Getting interest rates off zero relatively soon is not only appropriate in terms of current economic conditions, but also will allow the Fed room to maneuver in the future should economic activity slow.”

George expects the unemployment rate to “near its longer-run normal level with rising inflation” by the end of 2015.