Industrial production recorded its largest increase in a year in November as mining and utilities output rebounded strongly, in the latest suggestion the economy is gaining steam as the year winds down.
Industrial output increased 1.1 percent last month as auto production swung into higher gear, the Federal Reserve said on Monday. It was the largest rise since November last year.
Production at the nation’s mines, factories and power plants had edged up 0.1 percent in October.
Economists polled by Reuters had expected industrial production to rise 0.5 percent last month.
Manufacturing output, which accounts for three quarters of industrial production, rose 0.6 percent last month, increasing for a fourth straight month.
While a 3.4 percent rebound in auto production accounted for a large portion of the increase, there also were gains in other industries such as fabricated metals, textiles, furniture and electrical equipment and appliances.
A cold snap last month boosted utilities output, which increased 3.9 percent after falling 0.3 percent in October.
via Reuters
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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