U.S. Industrial Production Hits Prerecession Peak
Tuesday, December 17, 2013 at 6:34AM WSJ, WASHINGTON—U.S. industrial output in November surpassed its prerecession peak for the first time, the latest sign of momentum for the economic recovery.
Industrial production, which measures the output of U.S. manufacturers, utilities and mines, surged a seasonally adjusted 1.1% from the prior month, the Federal Reserve said Monday. That was the biggest jump in a year.
The ascent in part reflects big gains for volatile mining and utilities components, though underlying figures point to steadily rising demand for an array of industrial goods. "It does look like there is a little momentum building here," said J.P. Morgan economist Daniel Silver. "We're getting a little more optimistic as we get these numbers."
Manufacturing, the largest component of industrial production, remains below its prerecession peak. But the sector expanded 0.6% in November, the fourth straight month of gains. Overall factory output is up 2.9% from a year earlier.
Source: WSJ, Jeffrey Sparshott
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