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ECON: Industrial Output Stronger, Fed Cites Post-Sandy Bounce-Back
Posted to: Micro News
Friday, December 14, 2012 9:32 AM

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- Output +1.1 vs +0.3 Consensus, -0.7 Previous
- Capacity Use 78.4 vs 78.0 consensus, 77.7 previous
- Fed says gains largely reflect bounce-back at industries affected by Sandy, vehicle output gains a factor

Industrial production increased 1.1 percent in November after having fallen 0.7 percent in October. The gain in November is estimated to have largely resulted from a recovery in production for industries that had been negatively affected by Hurricane Sandy, which hit the Northeast region in late October. In November, manufacturing output increased 1.1 percent after having decreased 1.0 percent in October; in addition to the storm-related rebound, a sizable rise in the production of motor vehicles and parts boosted factory output in November. The output of utilities advanced 1.0 percent, and production at mines rose 0.8 percent. At 97.5 percent of its 2007 average, total industrial production in November was 2.5 percent above its year-earlier level. Capacity utilization for total industry increased 0.7 percentage point to 78.4 percent, a rate 1.9 percentage points below its long-run (1972–2011) average.




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