US Industrial Output Growth Slows Across October and November

Industrial production in the United States rose 0.4% month-over-month in December, the same as in November and above market expectations of 0.1%. Manufacturing output increased 0.2%, beating forecasts for a 0.2% drop. Also, the index for utilities rose 2.6%, supported by a 12% jump in the index for natural gas. On the other hand, mining output fell 0.7%. Capacity utilization stepped up to 76.3 percent, a rate that is 3.2 percentage points below its long-run (1972–2024) average.

Industrial Production in the United States rose 0.1% per month across October and November, the same as the rate of increase in September and a somewhat slower average pace than the past 12 months. Manufacturing output was flat in November after dropping 0.4 percent in October. There were swings in both mining and utilities output over October and November, though, on net, both sectors posted gains. Capacity utilization was 76.0 percent in November, a rate that is 3.5 percentage points below its long-run (1972–2024) average.

US industrial production rose 0.1% month-over-month in September 2025, following a downwardly revised 0.3% drop in August and slightly beating market expectations for no change. A rebound in utilities output drove the increase, with the sector gaining 1.1% after a 3.0% plunge in the prior month. Electric utility output rose 1.3%, more than offsetting a 0.4% decline in natural gas utilities. Mining output was unchanged in September, following a 0.4% increase in August. Manufacturing production was also flat (vs. +0.1% previously). Within manufacturing, durable goods output inched up 0.1%, supported by gains in aerospace and miscellaneous transportation equipment (+1.4%), fabricated metal products (+1.2%), and computer and electronic products (+0.7%). These were partly offset by declines in motor vehicles and parts (-2.2%) and machinery (-0.1%). Nondurable goods production slipped 0.1%, as chemical output fell 0.2% while food, beverage, and tobacco products were unchanged.