Industrial production edges lower in December
The decline was below Wall Street expectations of a 0.2% gain, according to a survey by The Wall Street Journal.Capacity utilization inched lower to 76.5% in December from 76.6% in the prior month. The capacity utilization rate reflects the limits to operating the nation’s factories, mines and utilities. Economists had forecast a 77% rate.
Utility output fell 1.5% on the relatively warm weather for the month. Mining, which includes oil and gas production, rose 2%. The decline in auto production was a surprise to many economists who had expected output to ramp up due to lean inventories.
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