U.S. Industrial Production Jumps In December As Utilities, Mining Output Surges

RTTNews | 21 days ago
U.S. Industrial Production Jumps In December As Utilities, Mining Output Surges

(RTTNews) - Industrial production in the U.S. increased by much more than expected in the month of December, according to a report released by the Federal Reserve on Friday.

The Fed said industrial production jumped by 0.9 percent in December after rising by a revised 0.2 percent in November.

Economists had expected industrial production to climb by 0.3 percent compared to the 0.1 percent dip originally reported for the previous month.

The much bigger than expected increase by industrial production partly reflected substantial rebounds by utilities and mining output.

Utilities output surged by 2.1 percent in December after falling by 0.7 percent in November, while mining output jumped by 1.8 percent in December following a 0.5 percent decrease in November.

The report said manufacturing output also climbed by 0.6 percent in December after rising by 0.4 percent in the previous month.

The Fed noted gains in the output of aircraft and parts contributed 0.2 percentage points to total industrial production growth following the resolution of a work stoppage at Boeing (BA).

"December US manufacturing and industrial output data beat expectations and with upward revisions to November and lead surveys pointing to ongoing improvements there might finally be signs of a turn in the sector," said ING Chief International Economist James Knightley.

He added, "Nonetheless, tariffs will present challenges for those with international supply chains and significant export exposure."

The report also said capacity utilization in the industrial sector rose to 77.6 percent in December from an upwardly revised 77.0 percent in November.

Economists had expected capacity utilization to inch up to 77.0 percent from the 76.8 percent originally reported for the previous month.

Capacity utilization in the mining and utilities sectors jumped to 90.8 percent and 71.1 percent, respectively, while capacity utilization in the manufacturing sector rose to 76.6 percent.

read more
U.S. Consumer Sentiment Unexpectedly Slumps In February As Inflation Expectations Surge

U.S. Consumer Sentiment Unexpectedly Slumps In February As Inflation Expectations Surge

Consumer sentiment in the U.S. has unexpectedly deteriorated in the month of February, according to preliminary data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index slumped to 67.8 in February after rising to 71.1 in January. Economists had expected the index to inch up by to 72.0.
RTTNews | 16h 19min ago
U.S. Employment Climbs Less Than Expected In January

U.S. Employment Climbs Less Than Expected In January

While the Labor Department released a report on Friday showing employment in the U.S. increased by less than expected in the month of January, the report also showed the unemployment rate unexpectedly edged slightly lower.
RTTNews | 18h 11min ago
U.S. Weekly Jobless Claims Rise More Than Expected To 219,000

U.S. Weekly Jobless Claims Rise More Than Expected To 219,000

A day ahead of the release of the more closely watched monthly jobs report, the Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits rose by more than expected in the week ended February 1st. The report said initial jobless claims climbed to 219,000, an increase of 11,000 from the previous week's revised level of 208,000.
RTTNews | 1 day ago
U.S. Labor Productivity Growth Slows More Than Expected In Q4

U.S. Labor Productivity Growth Slows More Than Expected In Q4

A report released by the Labor Department on Thursday showed U.S. labor productivity and unit labor costs both increased by less than expected in the fourth quarter of 2024. The Labor Department said labor productivity climbed by 1.2 percent in the fourth quarter after surging by an upwardly revised 2.3 percent in the third quarter.
RTTNews | 1 day ago
US Employers Cut 28% More Jobs In January: Challenger Report

US Employers Cut 28% More Jobs In January: Challenger Report

Employers in the U.S. slashed more jobs in January compared to December, but the figure was the lowest recorded for the month in three years, the latest monthly report from the global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc showed on Thursday.
RTTNews | 1 day ago