Industrial production increased 0.9% in December after moving up 0.2% in November, the Federal Reserve reported.
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In December, gains in the output of aircraft and parts contributed 0.2 percentage point to total industrial production growth following the resolution of a work stoppage at a major aircraft manufacturer.
Manufacturing output rose 0.6% after gaining 0.4% in November. The indexes for mining and utilities climbed 1.8% and 2.1%, respectively, in December.
At 103.2% of its 2017 average, total IP in December was 0.5% above its year-earlier level. Capacity utilization stepped up to 77.6%, a rate that is 2.1 percentage points below its long-run (1972–2023) average.
