Manufacturing & The Economy
Industrial production increased 1.1% in November after having edged up 0.1% in October; output was previously reported to have declined 0.1% in October. The gain in November was the largest since November 2012, when production rose 1.3%. Production at mines advanced 1.7% to more than reverse a decline of 1.5% in October. The index for utilities was up 3.9% in November, as colder-than-average temperatures boosted demand for heating. At 101.3% of its 2007 average, total industrial production was 3.2% above its year-earlier level. In November, industrial production surpassed for the first time its pre-recession peak of December 2007 and was 21% above its trough of June 2009. Capacity utilization for the industrial sector increased 0.8% in November to 79.0%, a rate 1.2% below its long-run average.
Manufacturing output rose 0.6% in November to a level that was 2.9% above a year earlier but 3.6% below its pre-recession peak; gains were widespread across industries. The factory operating rate rose 0.4% to 76.8%, a rate 1.9% below its long-run average. The production of durable goods advanced 0.8% in November.