Industrial production up for first time in 9 months

Production from the nation's factories, mines and utilities rose more than expected in July, with the first gain in nine months driven by increased output from auto companies. The Fed says industrial production rose 0.5 percent in July, after falling in 17 of the previous 18 months. It marks only the second increase since the recession began in December 2007. Economists expected a 0.3 percent rise, according to Thomson Reuters. Automakers led the rebound, as the production of motor vehicles and parts rose 20.1 percent, after falling for three straight months. General Motors and Chrysler last month reopened many plants that had been closed in May and June as the companies restructured and emerged from bankruptcy protection.