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- U.S. industrial output increases more than expected in November
U.S. industrial output increases more than expected in November
The Federal
Reserve reported on Tuesday that the U.S. industrial production rose 1.1 m-o-m
in November, following a revised 0.9 percent m-o-m decline in October
(originally a 0.8 percent m-o-m decrease). That marked the biggest jump in
industrial output since October of 2017.
Economists had
forecast industrial production would increase by 0.8 percent m-o-m in November.
According to
the report, the November surge was largely due to a bounce-back in the output
of motor vehicles and parts following the end of a strike at a major
manufacturer, General Motors (GM). Excluding motor vehicles and parts, the
indexes for total industrial production and for manufacturing rose up 0.5
percent m-o-m and 0.3 percent m-o-m, respectively. Meanwhile, mining production
edged down 0.2 percent m-o-m, while the output of utilities climbed 2.9 percent
m-o-m.
Capacity
utilization for the industrial sector increased 0.7 percentage point m-o-m in November
to 77.3 percent. That was 0.1 percentage point below economists’ forecast and 2.5
percentage points below its long-run (1972-2018) average.
In y-o-y terms,
the industrial output dropped 0.8 percent in November, following an unrevised 1.1
percent fall in the prior month.
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