Economy

Industrial production rises 1.1 percent in November

126px-US-FederalReserveSystem-Seal.svg_3A recent report from the Federal Reserve showed that industrial production rose 1.1 percent in November—the largest increase since last November, when production rose 1.3 percent.

According to the Fed’s industrial production index, in November 2012, industrial production rose 21 percent to surpass pre-recession levels for the first time, after peaking in December 2007.

Manufacturing output rose 0.6 percent in November for the fourth consecutive month.

Colder-than-average temperatures pushed heating demand up, leading to a 3.9 percent increase in the utilities index for November.  Consumer good production rose 1.5 percent in November, up 2.7 percent year-over-year—the largest increases were attributed to automotive products and home electronics.

Construction supply production rose for the sixth consecutive month by 0.6 percent in November, up 4.9 percent year-over-year, and the output of business supplies rose for the fifth consecutive month by one percent.

Mining output increased 1.7 percent in November, making up for a 1.5 percent decrease in October. The temporary shutdown of oil and gas rigs in the Gulf of Mexico ahead of Tropical Storm Karen contributed to the decrease. Crude capacity utilization rose 1.1 percent, and semifinished capacity utilization rose 1.2 percent.

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