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US industrial output rises in November
[WASHINGTON] US industrial production shifted into higher gear in November, with factories pumping out more goods, especially motor vehicle products and energy products, official data showed on Monday.
Industrial output increased 1.3 per cent in November as manufacturing production rose 1.1 per cent, well above its average monthly pace of 0.3 per cent over the prior five months, the Federal Reserve said.
The central bank revised higher the October industrial output reading to a 0.1 per cent increase from a 0.1 per cent decline.
The output of electric and gas utilities leaped 5.1 per cent in November as unusually cold weather for the month boosted heating demand, the Fed said.
Mining output slipped 0.1 per cent.
Compared with a year ago, industrial output was up 5.2 per cent and capacity utilization rose 0.8 per centage point to 80.1 per cent, bringing it in line with its long-run average rate.
Consumer goods production jumped 2.5 per cent, the largest increase since August 1998. The production of all major durable and nondurable categories of consumer goods rose, with the strongest gains seen in consumer energy products and automotive products.
Output of consumer energy products rose 1.7 per cent. Motor vehicles and parts production surged 5.1 per cent, led by a 9.3 per cent increase in cars and trucks output.