A report released by the Federal Reserve on Tuesday showed industrial production in the U.S. increased by slightly more than expected in the month of November.
The Fed said industrial production rose by 0.2 percent in November after edging down by 0.1 percent in October. Economists had expected industrial production to inch up by 0.1 percent.
The slightly bigger than expected increase by industrial production largely reflected a rebound by mining output, which jumped by 1.7 percent in November after falling by 0.8 percent in October.
Meanwhile, the report showed a pullback by utilities output, which decreased by 0.4 percent in November after surging by 2.6 percent in October.
The Fed also said manufacturing output came in virtually unchanged in November after dropping by 0.4 percent in October.
Capacity utilization in the industrial sector came in at 76.0 percent in November, the report said, up slightly from 75.9 percent in October and in line with economist estimates.
The report said capacity utilization in the mining sector jumped to 86.3 percent, while capacity utilization in the manufacturing sector was unchanged at 75.4 percent and capacity utilization in the utilities sector fell to 70.9 percent.
For comments and feedback contact: editorial@rttnews.com
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
