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Financial News: U.S. Industrial Production Rebounds More Than Expected In

U.S. Industrial Production Rebounds More Than Expected In November

12/17/2019 - 09:31:00 (RTTNews)

(RTTNews) - Reflecting a bounceback in motor vehicle and parts output following the end of the strike at General Motors (GM), the Federal Reserve released a report on Tuesday showing U.S. industrial production rebounded by more than expected in the month of November.

The report said industrial production jumped by 1.1 percent in November after tumbling by a revised 0.9 percent in October.

Economists had expected industrial production to climb by 0.8 percent compared to the 0.8 percent slump originally reported for the previous month.

The bigger than expected rebound came as manufacturing output surged up by 1.1 percent after falling by 0.7 percent for two straight months.

Excluding motor vehicles and parts, total industrial production and manufacturing output rose by 0.5 percent and 0.3 percent, respectively.

The report also showed a substantial rebound in utilities output, which spiked by 2.9 percent in November after plunging by 2.4 percent in October.

On the other hand, the Fed said mining output edged down by 0.2 percent in November after sliding by 0.8 percent in the previous month.

Capacity utilization in the industrial sector increased to 77.3 percent in November from 76.6 percent in October, while economists had expected capacity utilization to rise to 77.4 percent.

The report said capacity utilization in the manufacturing and utilities sectors climbed to 75.2 percent and 77.3 percent, respectively, while capacity utilization in the mining sector dipped to 88.6 percent.

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