Industrial production increased 0.2% in November, according to the Federal Reserve. October’s reading was revised downward to -0.9% and readings for the previous months remained unchanged. Total industrial production in November was 0.4% below its year-ago level. Capacity utilization increased 0.1 percentage points (pp) to 78.8%, a rate that is 0.9 pp below its long-run (1972-2022) average.
Manufacturing output moved up 0.3% in November following a downward revision to -0.8% in October and is 0.8% below November 2022 levels. The increase in manufacturing output was more than accounted for by a 7.1% bounce back in motor vehicles and part production following the resolution of strikes at several major automakers—the index for manufacturing excluding motor vehicles and parts decreased 0.2%. Additionally, there were increases in the indexes for computer and electronic products (+0.9%), aerospace and miscellaneous transportation equipment (+1.2%), and primary metals (+0.5%), while there were decreases in the index for apparel and leather (-3.4%), paper (-1.1%), and wood products (-1.0%).
Production of durable goods increased 3.5% while nondurable goods production declined 0.8%. Capacity utilization for manufacturing moved up 0.2 pp to 77.2% in November, which is 1 pp below its long-run (1972-2022) average.
Mining output increased 0.3% in November, following a 1.1% decrease in October. The index in November was 2.3% above its year-earlier level.
Utilities decreased 0.4%, following a 1.4% drop in October. The index in November was 1.0% below its year-ago level.
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