Several of the June updates on the economy to date have brought discouraging news (retail sales, the ISM Manufacturing Index, and payrolls). Today’s report on industrial production offers a refreshing change for the better. The Federal Reserve advises that industrial production rose 0.4% last month, a respectable rebound from May’s 0.2% decline. Even better, the year-over-year change through June perked up slightly to 4.7% vs. 4.4% through May. Is the moderately better news for industrial production enough to blow away the worries dispatched by less-encouraging news from elsewhere in the economy? No, but it’s enough to keep the debate open about what happens next.