The Federal Reserve has published its latest findings, revealing a slight decline in U.S. industrial production for November, contrary to expectations. According to the report, industrial production decreased by 0.1% in November, following a revised decrease of 0.4% in October. Economists had predicted a 0.3% increase, rather than the previously reported 0.3% drop for October.
The unexpected reduction in industrial production was primarily due to significant declines in mining and utilities output, which overshadowed a rise in manufacturing output. The data indicated that mining output fell by 0.9% in November, more pronounced than the 0.1% decline in October. Utilities output fell sharply by 1.3% following a similar increase in October.
Conversely, manufacturing output experienced a modest increase of 0.2% in November, recovering slightly from a 0.7% drop in the preceding month. The report further detailed that capacity utilization across the industrial sector decreased to 76.8% in November, adjusted downward from 77.0% in October. This figure was below the economist forecasts, which anticipated a rise to 77.3% from the originally reported 77.1%.
Breaking down capacity utilization by sector, manufacturing edged up to 76.0%, while both mining and utilities saw declines, falling to 88.8% and 70.0%, respectively.
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