WASHINGTON - Industrial production increased 0.8% in December, the largest gain since July, as unusually cold weather led to a surge in utilities output, the Federal Reserve reported Friday.
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Capacity utilization rose to 76.0% from 75.4% in November.
Economists expected industrial production would increase 0.4% and capacity utilization would be 75.2%, according to the median estimate from Thomson Reuters.
Industrial production for November was revised lower to a 0.3% increase from 0.4% reported last month. Capacity utilization was revised higher to 75.4% from 75.2%.
Manufacturing output increased 0.4%. Output from utilities jumped 4.3% for the month as cold weather boosted demand for heating.
