Industrial production increased 1.1 percent in November after falling 0.7 percent in October, according to the Federal Reserve. The gain in November is estimated to have largely resulted from a recovery in production for industries that were negatively affected by Hurricane Sandy, which hit the Northeast region in late October.
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Manufacturing output in November increased 1.1 percent after having decreased 1 percent in October. In addition to the storm-related rebound, a sizable rise in the production of motor vehicles and parts boosted factory output in November. The output of utilities advanced 1 percent, and production at mines rose 0.8 percent.
At 97.5 percent of its 2007 average, total industrial production in November was 2.5 percent above its year-earlier level. Capacity utilization for total industry increased 0.7 percentage point to 78.4 percent, a rate 1.9 percentage points below its long-run (1972--2011) average.
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