U.S. Industrial Production Jumps In December As Utilities, Mining Output Surges
17 Januar 2025 - 11:29AM
RTTF2
Industrial production in the U.S. increased by much more than
expected in the month of December, according to a report released
by the Federal Reserve on Friday.
The Fed said industrial production jumped by 0.9 percent in
December after rising by a revised 0.2 percent in November.
Economists had expected industrial production to climb by 0.3
percent compared to the 0.1 percent dip originally reported for the
previous month.
The much bigger than expected increase by industrial production
partly reflected substantial rebounds by utilities and mining
output.
Utilities output surged by 2.1 percent in December after falling
by 0.7 percent in November, while mining output jumped by 1.8
percent in December following a 0.5 percent decrease in
November.
The report said manufacturing output also climbed by 0.6 percent
in December after rising by 0.4 percent in the previous month.
The Fed noted gains in the output of aircraft and parts
contributed 0.2 percentage points to total industrial production
growth following the resolution of a work stoppage at Boeing
(BA).
"December US manufacturing and industrial output data beat
expectations and with upward revisions to November and lead surveys
pointing to ongoing improvements there might finally be signs of a
turn in the sector," said ING Chief International Economist James
Knightley.
He added, "Nonetheless, tariffs will present challenges for
those with international supply chains and significant export
exposure."
The report also said capacity utilization in the industrial
sector rose to 77.6 percent in December from an upwardly revised
77.0 percent in November.
Economists had expected capacity utilization to inch up to 77.0
percent from the 76.8 percent originally reported for the previous
month.
Capacity utilization in the mining and utilities sectors jumped
to 90.8 percent and 71.1 percent, respectively, while capacity
utilization in the manufacturing sector rose to 76.6 percent.
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