Industrial Production Rose 0.4% in November
Washington, DC, December 15, 2020-Industrial production increased 0.4% in November, according to the Federal Reserve.
After having fallen 16.5% between February and April, the level of the index has risen to about 5% below its pre-pandemic (February) reading. In November, manufacturing output advanced 0.8% for its seventh consecutive monthly gain. An increase of 5.3% for motor vehicles and parts contributed significantly to the gain in factory production; excluding motor vehicles and parts, manufacturing output moved up 0.4%. The output of utilities declined 4.3%, as warmer-than-usual temperatures reduced the demand for heating. Mining production increased 2.3% after decreasing 0.7% in October.
At 104.0% of its 2012 average, total industrial production was 5.5% lower in November than it was a year earlier. Capacity utilization for the industrial sector increased 0.3 percentage point in November to 73.3%, a rate that is 6.5 percentage points below its long-run (1972–2019) average but 9.1 percentage points above its low in April.