Industrial Production Falls 2% in December
Industrial production fell 2% in December, and declines were again widespread. Output was revised up in October, but it was revised down in November; for the fourth quarter as a whole, total industrial production decreased 11.5% at an annual rate.
At 103.6% of its 2002 average, output in December was 7.8% below its year-earlier level. In December, manufacturing production dropped 2.3%.
The output of mines moved down 1.6%, and the output of electric and gas utilities was little changed. Capacity utilization for total industry fell to 73.6% in December, a level 7.4 percentage points below its average level from 1972 to 2007.
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