Posted January 14, 2011
Industrial production rises in December
Industrial production increased 0.8 percent in December after having risen 0.3 percent in November.
Manufacturing production increased 0.4 percent in December and rose 3.3 percent at an annual rate in the fourth quarter. The factory operating rate moved up to 73.2 percent in December, but it was still 6.0 percentage points below its long-run (1972 to 2009) average of 79.2 percent.
The output of durable goods rose 0.4 percent, with large gains recorded in primary metals and in computers and electronic products. Output decreased for most of the other major durable goods industries, though the only drop of more than 1.0 percent was for nonmetallic mineral products.
"Industrial production, led by manufacturing and mining, finished the year on a strong note and is poised to sustain growth in 2011," said Thomas J. Duesterberg, president and chief executive officer of the Manufacturers Alliance/MAPI, regarding the industrial production report. "Looking ahead, improving consumer spending, strong export markets, and the need for capital spending to replace worn out equipment should drive further growth."
