Industrial production jumps in November to record high
WASHINGTON (MarketWatch) - Industrial production in November saw the biggest one-month gain in a year and surpassed its prerecession peak, though the monthly advance was led by utilities output after an unusually cold month.
The Federal Reserve said Monday that industrial production climbed 1.1% in November, the biggest percentage rise since Nov. 2012. Also, October production was revised up to a 0.1% gain from a previously reported 0.1% drop.
Economists polled by MarketWatch had expected a 0.6% gain.
Utilities output soared 3.9% during the month, while mining output jumped 1.7% and manufacturing output gained 0.6%.
Compared to the same period of 2012, production is up 3.2%.
The level of 101.3 for industrial production is on an index that was 100 in 2007.
Capacity utilization rose to 79% from an upwardly revised 78.2% in October, indicating less slack at factories.
The data appear to show that momentum signaled by purchasing managers in surveys like the Institute for Supply Management manufacturing index has shown up in hard data.
To little surprise, motor vehicles and parts continued to grow, rising 3.4% on the month to take year-on-year gains to 7.5%.
But other categories also joined in the advance, including a 3.1% leap in wood products.
Consumer goods more broadly saw a 1.5% advance while business equipment output fell 0.5% on the month.
There were other reports on the manufacturing sector on Monday: the Empire State factory index limped into positive territory while the Markit flash purchasing managers index for December signaled a somewhat slower pace of activity at a still-strong 54.4 reading.
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