Economists had forecasted a 0.1% increase.
U.S. industrial production fell for a second straight month in November, according to the U.S. Federal Reserve’s monthly report released Dec. 15.
Total industrial production decreased 0.2% in November, falling short of the 0.1% increase forecasted in an economist survey from The Wall Street Journal. The figure follows a 0.1% decline in October and a robust 0.4% increase in September.
Capacity utilization — which reflects limits to operations in U.S. factories, mines and utilities — also dropped for a second straight month, checking in at 79.7% in November. Capacity utilization was 79.9% in October, which was down from 80.3% in September.
Decreases of 0.6% in manufacturing and 0.7% in mining accounted for the decline in industrial production, according to the report, though they were partially offset by a 3.6% increase in utilities, which rebounded after three consecutive months of decline.
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Brad Star is an Associate Editor at MDM, having joined the company in August 2022. He spent most of the previous two years as a Business Reporter for USA-Today Network-Wisconsin’s Appleton Post-Crescent, writing its Buzz column that covered local retail and consumer service businesses in the Fox Cities. Star has a degree in economics from Beloit College.
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