US industrial production up more than expected in December

By Gokhan Ergocun

ISTANBUL (AA) - Industrial production in the US increased 0.9% in December 2024, exceeding market expectations of 0.3%, the Federal Reserve (FED) said on Friday.

In December, gains in the output of aircraft and parts contributed 0.2 percentage point to total industrial production growth following the resolution of a work stoppage at a major aircraft manufacturer, a Fed statement read.

It said that manufacturing output rose 0.6 percent after gaining 0.4 percent in November.

"The indexes for mining and utilities climbed 1.8 percent and 2.1 percent, respectively, in December," the statement added.

At 103.2% of its 2017 average, total industrial production in December was 0.5% above its year-earlier level.

Capacity utilization stepped up to 77.6%, a rate that is 2.1 percentage points below its long-run average from 1972–2023.