Manufacturing Surge Pushes Industrial Production Up 0.3 PCT

U.S. industrial production increased 0.3 percent in December, led by the biggest surge in manufacturing in ten months.

The Federal Reserve says that that manufacturing output jumped 1.1 percent last month, the largest gain since February 2018. Automakers drove much of the growth with a 4.7 percent jump in production.

Utility output slumped 6.3 percent amid an unseasonably warm December. Mining output rose 1.5 percent on in increased extraction of oil and natural gas.

Overall industrial production is up 4 percent from a year ago.

The industrial sector was using more of capacity, in a sign that they might need to invest more in equipment and facilities. Capacity utilization for manufacturers increased 0.7 points to 76.5 percent, a solid increase though that’s two points below the long-term average.

This article provided by NewsEdge.