Industrial production grew at a rapid pace in December, data from the Federal Reserve showed Friday.
The Fed reported that industrial production climbed by 0.4 percent. November’s estimate was revised up to 0.4 percent from the previous estimate of 0.2 percent.
Output by the U.S. industrial sector in December was two percent higher than a year earlier, the Fed said.
Economists had expected industrial production to tick up by 0.1 percent compared with the previous month.
Utilities output surged 2.6 percent in November, likely reflecting harsh winter conditions in much of the country.
But manufacturing output also expanded. Overall manufacturing expanded 0.2 percent and is up two percent from a year ago. Consumer goods manufacturing grew by 0.7 percent after climbing 0.6 percent in November. From a year ago, it is up 0.7 percent.
Business equipment manufacturing grew 0.8 percent and is up 10.1 percent from a year earlier, reflecting a boom in investment.
Mining, which includes fuel extraction, shrank 0.7 percent and is up 1.7 percent from a year ago.
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