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US industrial production ends 2024 on strong note

  • Market: Metals
  • 17/01/25

US industrial production posted the strongest monthly growth in 10 months in December, boosted by rebounds in energy, mining and aircraft output.

US industrial production rose by a better-than-expected 0.9pc, as gains in output of aircraft contributed 0.2 percentage point after resolution of a Boeing aircraft plant strike, according to Federal Reserve data released today. That followed growth of 0.2pc in November and was three times higher than analysts' estimates for 0.3pc growth.

Manufacturing output, which accounts for about 75pc of industrial output, rose by 0.6pc after gaining 0.4pc in November after two months of declines, the Federal Reserve said.

Consumer goods output rose by 0.5pc on the month. Durable manufacturing rose by 0.4pc, with aerospace and miscellaneous transportation equipment up by 6.3pc and primary metals up by 1.7pc. Motor vehicles and parts output fell by 0.6pc.

Output of nondurable consumer goods rose by 0.7pc, boosted by a 1.9pc gain in energy. Business equipment output rose by 1.4pc, largely on the gain in civilian aircraft.

The indexes for mining and utilities, which account for 14pc and 11pc of total industrial output, climbed by 1.8pc and 2.1pc, respectively. Natural gas output was up by 6.2pc on the month.

Total industrial production was up by 0.5pc in December from a year earlier.

Manufacturing was flat on the year and posted monthly declines in five months last year, while utilities were up by 0.3pc and mining was up by 4.3pc from a year earlier.

Capacity utilization rose to 77.6pc, up from downwardly revised 77pc for the prior two months, which was the lowest since May.

By Bob Willis


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