U.S. Industrial Production Climbs 0.8% Amid Rebound In Utilities Output
January 18 2017 - 4:35AM
RTTF2
After reporting a drop in U.S. industrial production in the
previous month, the Federal Reserve released a report on Wednesday
showing that production rebounded strongly in the month of
December.
The Fed said industrial production climbed by 0.8 percent in
December after slumping by a revised 0.7 percent in November.
Economists had expected production to increase by 0.6 percent
compared to the 0.4 percent drop originally reported for the
previous month.
The rebound in industrial production reflected a bounce back in
utilities output, which surged up by 6.6 percent in December after
plunging by 4.6 percent in November.
The jump in utilities output, the largest since December of
1989, was largely because of a return to more normal temperatures
following unseasonably warm weather in November.
Manufacturing output also rose by 0.2 percent in December after
edging down by 0.1 percent in November, while mining output was
flat after falling by 0.7 percent.
The report also said capacity utilization climbed to 75.5
percent in December from a revised 74.9 percent in the previous
month. Economists had expected capacity utilization to rise to 75.4
percent.
Capacity utilization in the utilities sector spiked to 79.1
percent in December after tumbling to 74.3 percent in November.
The report said capacity utilization in the manufacturing and
mining sectors also inched up to 74.8 percent and 78.1 percent,
respectively.
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