Industrial production rose 0.3% in December after up 0.4% in November (previously up 0.6%) and up 0.2% in October (previously down 0.2%). December output saw a strong up 1.1% in manufacturing and up 1.5% in mining that was largely offset by a steep 6.3% decline in utilities. Relatively mild weather in December restrained utilities output. Manufacturing got a boost from motor vehicle and parts production (up 4.7%) but was also solid excluding that component (up 0.8%) due to durables production (up 0.7%). Mining benefited from oil and gas extraction.
The report was on-expectations and indicated that activity was overall in good shape at year-end.
Industrial production was up 4.0% year-over-year, with manufacturing up 3.2%, mining up 13.4%, and utilities down 4.3%.
Disclaimer: Whetstone Analysis provides commentary as a service to its subscribers. Whetstone Analysis is not responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference to, or reliance on any information contained within the site. While the information contained within the site is periodically updated and every effort is made to ensure its accuracy, no guarantee is given that the information provided in this Web site is correct, complete, and up-to-date. Click here to read our full Disclaimer.