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Industrial production sees strongest rise in two years in December
MARKETWATCH 9:42 AM ET 1/18/2017
Index rises 0.8%, reversing 0.7% drop in prior month

Industrial production rebounded in December by the largest amount in two years though the monthly advance was led by utilities output after an unusually warm month.

The Federal Reserve said Wednesday that industrial production climbed 0.8% in December (https:// www.federalreserve.gov/releases/g17/Current/default.htm), the largest percentage rise since November 2014.

The gain follows a steep decline in November where output fell a revised 0.7%, worse than the previously reported 0.4% decline.

Economists polled by MarketWatch had expected a 0.9% rise in December output.

Utilities output soared 6.6% during the month, while mining output was flat and manufacturing output gained 0.2%. Utilities usage improved after more seasonal weather, the Federal Reserve said.

Production fell at a 0.6% annual rate in the fourth quarter, down from a 1.8% gain in the prior three months.

Compared to the same period of 2015, production is up 0.5%.

Capacity utilization rose to 75.5% from a downwardly revised 74.9% in December, indicating less slack at factories.

Outside of utilities, other sectors of manufacturing showed improvement in the month.

Production of motor vehicles rose 1.8% on the month to take year-on-year gains to 6.6%.

Consumer goods more broadly saw a 1.1% advance after a 0.7% drop in November.

Business equipment output rose 0.7% on the month, reversing a 0.7% decline in the prior month.

Economists said the data fit with the bright picture painted by other manufacturing reports in December. The ISM's production index rose to a robust 60.3% during the month, manufacturing payrolls rose by 17,000, and hours worked by production workers in the factory sector up by 0.4%.

Ian Shepherdson, chief U.S. economist at Pantheon, said three factors were behind the improving outlook: stronger growth in China, the end of the collapse of spending in the mining sector, and a boost in business sentiment from the election.

-Greg Robb; 415-439-6400; [e-mail]


(END) Dow Jones Newswires
01-18-170942ET
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