Keeping you up to date on the latest data releases.
- Industrial Production
Industrial production rose 0.8 percent (nonannualized) in December, following a downwardly revised 0.3 percent increase in November, though October’s increase was revised and on net, prior revisions left the level of industrial production up slightly. The annualized growth rate in industrial production over the past three months is 4.0 percent, a little below its longer-term (12-month) trend of 5.9 percent. Manufacturing output rose 0.4 percent in December and is up 5.8 percent over the past year. On the durables side, production rose 0.4 percent, though that was largely driven by a 3.7 percent increase in primary metals output. The output of most other durables industries decreased in December. Nondurables output rose 0.5 percent in December, though across nondurable industries, gains were mixed. Mining output partially rebounded from a 0.7 percent decrease in November, rising 0.4 percent in December, and is up a whopping 10.1 percent over the past year (its strongest growth rate since October 2006). ticked down 0.1 percent in November, following a 0.2 percent decline in October, but those decreases came on the heels of a nearly 20 percent annualized growth rate over the previous three months. Utilities output jumped up 4.3 percent in December as colder-than-usual weather increased demand for heating. Overall capacity utilization rose from 75.4 to 76.0 in December and the factory operating rate improved by 0.3 percentage point to 73.2 percent (though is still 5.9 percentage points below its level at the start of the recession).