The 2020 Mid-Year Economic Update_long

U.S. Industrial Production Dips 0.4% in December

Capacity utilization decreased to 76.5 percent.

Industrial production in the U.S. declined 0.4 percent in December, primarily as a result of cutbacks for utilities and mining, according to the Federal Reserve. For the fourth quarter as a whole, industrial production fell at an annual rate of 3.4 percent.

Manufacturing output edged down in December. The index for utilities dropped 2 percent, as continued warmer-than-usual temperatures reduced demand for heating. Mining production decreased 0.8 percent in December for its fourth consecutive monthly decline.

At 106.0 percent of its 2012 average, total industrial production in December was 1.8 percent below its year-earlier level.

Capacity utilization for the industrial sector decreased 0.4 percentage point in December to 76.5 percent, a rate that is 3.6 percentage points below its long-run (1972–2014) average.

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