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14 Jan, 2022 16:23 14 Jan, 2022 16:23

US industrial production dips in December amid declines in auto and gas output

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Industrial output underwhelmed at the end of December amid a decline in automobile manufacturing and in the output of gas utilities due to warmer-than-normal temperatures.

According to the Department of Commerce, industrial production dipped at a month-on-month pace of 0.1% in December.

Economists had penciled-in a rise of 0.3%.

Production of durable consumer goods fell by 1.0% on the month and that of consumer energy products by 3.0%, while non-energy nondurables output was little changed.

Output of business equipment meanwhile declined by 0.5% versus November.

Worth noting, readings on industrial production for July, August and October were all revised lower.

Nevertheless, for the year as a whole, total industrial output was 3.7% higher and across the fourth quarter manufacturing production was up by 5.0% and that from mining by over 15%, even if the latter remained about 6% below its pre-pandemic level.


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.