Published: 2026-01-09T15:56:19.000Z
Preview: Due January 16 - U.S. December Industrial Production - Utilities to rise, manufacturing to slip
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We expect a 0.1% increase in December industrial production, with the rise coming fully in the weather-sensitive utilities sector. We expect a 0.2% decline in manufacturing.
Non-farm payroll data showed declines in aggregate hours worked in both manufacturing and mining. While we expect a dip in mining output, we expect this to be outweighed by a bounce in utilities.
While a dip in manufacturing output is likely, and the ISM manufacturing index weakened in December, its production index remains above neutral. We expect a neutral contribution from the often volatile auto sector this month.
We see capacity utilization unchanged at 76.0% but a dip in manufacturing to 75.1% from 75.4%. This would be the weakest since January.
