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First Cut: Industrial production rises in December on strong manufacturing and mining

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%.


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