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By Holly Stokes and Sara Haire
WASHINGTON (MNI) - The following are the key points from the
Industrial Production and Capacity Utilization data for November
released by the Federal Reserve Friday:
- Industrial production was up 0.2%, vs +0.3% expected, from a
revised up +1.2% in Oct, this follows the last two November trends of
overestimates. The Fed noted that excluding the post-hurricane rebound
in oil and gas extraction, total IP would have been unchanged in Nov.
- Mining was up 2.0%, and the Fed noted that the primary
contributor to this jump was the 3.0% gain in oil and gas extraction.
- Utilities fell 1.9%, the fall should not surprise given the
milder than normal November weather, and that this follows October's
- Manufacturing came in at a soft +0.2%, despite analyst
expectations for a healthy boost given the November payrolls report,
which showed factory payrolls rising by 31k and unchanged factory
- Capacity utilization rose to 77.1%, just below the 77.2%
expected. Manufacturing capacity utilization rose to 76.4%, the highest
reading since May 2008.
** MNI Washington Bureau: 202-371-2121 **