The 2020 Mid-Year Economic Update_long

Industrial Production Up 0.3% in December

For the fourth quarter, total industrial production moved up 1 percent.

Industrial production increased 0.3 percent in December after having risen 1 percent in November, according to the Federal Reserve. The gain in December is estimated to have largely resulted from a rebound in production in the industries negatively affected by Superstorm Sandy in late October.

Manufacturing output advanced 0.8 percent in December following a gain of 1.3 percent in November. The output at mines rose 0.6 percent in December, and the output of utilities fell 4.8 percent as unseasonably warm weather held down the demand for heating.

At 98.1 percent of its 2007 average, total industrial production in December was 2.2 percent above its year-earlier level. Capacity utilization for total industry moved up 0.1 percentage point to 78.8 percent, a rate 1.5 percentage points below its long-run (1972-2011) average.

For the fourth quarter as a whole, total industrial production moved up at an annual rate of 1 percent. Production edged up at an annual rate of 0.2 percent.

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