Industrial production rose 0.5% in November, the Federal Reserve reported Thursday, led by strong gains in manufacturing and mining.
The numbers: Industrial production rose 0.5% in November, the Federal Reserve reported Thursday, led by strong gains in manufacturing and mining – which includes oil production.
Capacity utilization rose to 76.8% in November from 76.5% in the prior month, the Fed said. The gain was in line with expectations. The capacity utilization rate reflects the limits to operating the nation’s factories, mines and utilities. The November level is the strongest since before the pandemic.Manufacturing rose 0.7% in November after a 1.4% gain in the prior month. It is now at its highest level since January 2019.
Utilities output fell 0.8% in November as warm weather kept thermostats low across the country. Mining output, which includes oil and natural gas, rose 0.7% after a 4.3% gain in the prior month.
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