The Federal Reserve reports that industrial production increased 1.1% in November bringing the index to read 97.5. This is a significant improvement to October’s 0.7% decline that saw the index fall to 96.5.
The gain in November is estimated to have largely resulted from a recovery in production for industries that had been negatively affected by Hurricane Sandy, which hit the Northeast region in late October.
Industrial production is up 2.5% year over year.
Capacity utilization increased to 78.4% in November, 1.9% below it’s long-run (1972-2011) average.