Published: 2024-01-17T14:28:25.000Z
U.S. December Industrial Production - Underlying picture marginally negative
Senior Economist , North America
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December industrial production with a 0.1% increase is marginally stronger than expected though the surprise is offset by modest negative back month revisions. The data saw support from continued recovery in autos from October’s strikes.
Industrial prediction and manufacturing both increased by 0.1% but ex autos industrial production was unchanged and manufacturing fell by 0.1%, a third straight decline. This suggest a marginally negative underlying trend even if quarterly weakness is exaggerated by October’s auto strikes.
Mining increased by 0.9%, a first rise in three months but utilities fell by 1.0%, a fourth straight decline. Colder weather may bring a bounce in utilities in January.
