US Industrial Output Falls More than Forecast
Industrial production in the US dropped 0.3 percent from a month earlier in December 2019, following a downwardly revised 0.8 percent growth in November and compared to market expectations of a smaller 0.2 percent decline. Utilities output tumbled 5.6 percent, due to a large decrease in demand for heating, as unseasonably warm weather in December followed unseasonably cold weather in November. On the other hand, mining rose 1.3 percent, with most of the gain from oil and gas extraction, and manufacturing increased 0.2 percent. Nondurables production moved up 0.6 percent, led by increases for petroleum and coal products (1.6 percent) and for food, beverage, and tobacco products (1.3 percent). Durable goods manufacturing however slipped 0.2 percent, as the decrease for motor vehicles (-4.6 percent) outweighed widespread increases in other industries, such as nonmetallic mineral products (2.3 percent).
13 hours ago