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

RTTNews | 336 days ago

(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.

Tags: USD

U.S. Consumer Sentiment Rebounds Less Than Previously Estimated In December

Consumer sentiment in the U.S. rebounded by less than previously estimates in the month of December, according to revised data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index for December was downwardly revised to 52.9 from a preliminary reading of 53.3. Economists had expected the index to be upwardly revised to 53.4.

RTTNews | 2h 4min ago

U.S. Existing Home Sales Rise Less Than Expected In November

Existing home sales in the U.S. saw a modest increase in the month of November, the National Association of Realtors revealed in a report released on Friday. NAR said existing home sales rose by 0.5 percent to an annual rate of 4.13 million in November after jumping by 1.5 percent to an upwardly revised rate of 4.10 million in October.

RTTNews | 2h 15min ago

Philly Fed Index Unexpectedly Slumps Further Into Negative Territory In December

A report released by the Federal Reserve Bank of Philadelphia on Thursday unexpectedly showed a notable decrease by its reading on regional manufacturing activity in the month of December. The Philly Fed said its diffusion index for current general activity slumped to a negative 10.2 in December from a negative 1.7 in November, with a negative reading indicating contraction.

RTTNews | 1 day ago

U.S. Annual Consumer Price Growth Unexpectedly Slows In November

The annual rate of growth by consumer prices has unexpectedly slowed, according to data released by the Labor Department on Thursday. The Labor Department said consumer prices in November were up by 2.7 percent compared to the same month a year ago. The year-over-year price growth in November reflects a notable slowdown from the 3.0 percent surge in September.

RTTNews | 1 day ago

U.S. Jobless Claims Decrease Roughly In Line With Estimates

A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits declined roughly in line with economist estimates in the week ended December 13th. The Labor Department said initial jobless claims fell to 224,000, a decrease of 13,000 from the previous week's revised level of 237,000. Economists had expected jobless claims to slip to 225,000.

RTTNews | 1 day ago