U.S. Industrial Production Tops Pre-Recession Peak
December 16, 2013 by UPI - United Press International, Inc.
WASHINGTON (UPI) — U.S. industrial production surpassed for the first time its December 2007, pre-recession peak in November, the Federal Reserve said Monday.
Total production in November was 3.2 percent above the level of November 2012 and 1.1 percent higher than October, when production rose 0.1 percent, a revision from the 0.1 percent drop estimated a month ago, the Fed said.
In November, the Fed said production at mines rose 1.7 percent after a 1.5 percent (revised) drop in October.
Output at U.S. utilities companies rose 3.9 percent in November, boosted by increased demands for heat during colder-than-average temperatures. Manufacturing concerns posted a fourth consecutive month of gains with a 0.6 percent increase in output, the central bank said.
Capacity utilization, which measures the rate production compared to companies going at full speed, added 0.8 percentage points in November to 79 percent, a rate 1.2 percentage points below its long-term average, calculated using data from 1972 to 2012.