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Industrial Production Hits Forecast, Weather Weighs Down Demand for Utilities

Manufacturing Output Posted the Largest Gain Since February 2018

Industry production 4.0 and technology concept, depicting factory production on a conveyor belt with factory operational workers in uniform. (Photo: AdobeStock)

Industrial production rose 0.3% in December after increasing by 0.4% in November, meeting the consensus forecast.

For the fourth quarter (Q4), total industrial production has risen at an annual rate of 3.8%.

In December, manufacturing output gained a solid 1.1%, its largest gain since February 2018. The output of mines also rose solidly at 1.5%.

However, warmer-than-usual temperatures lowered the demand for heating, pushing down the index for utilities by a whopping 6.3%.

At 109.9% of its 2012 average, total industrial production was still 4.0% higher in December than it was a year earlier.

Capacity utilization for the industrial sector rose 0.1 percentage point in December to 78.7 percent, a rate that is 1.1 percentage points below its long-run (1972–2017) average.

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PPD Business Staff

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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