WASHINGTON — Industrial production rose 0.3% in December after rising a revised 1.0% the previous month, while capacity utilization ticked up to 78.8% from a revised 78.7%, the Federal Reserve reported Wednesday.
November's industrial production was originally reported as a 1.1% upswing, while capacity use was originally estimated at 78.4%
The December production increase was exactly the median 0.3% increase projected by economists polled by Thomson Reuters, while the estimated capacity utilization was just above their prediction of 78.5%.
Manufacturing output was up 0.8% for December following a 1.3% jump in November. Utilities fell 4.8% after rising 0.2% the previous month, the result of a lack of demand for heating during unseasonably warm weather, the Fed reported.