BUSINESS US industrial production rises in November for third month


US industrial production rises in November for third month


05:28, December 16, 2017

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Photo: Reuters

US industrial production in November rose for the third straight month, the Federal Reserve said Friday.

Industrial production, an indicator of manufacturing, mining and utilities output, rose 0.2 percent in November, following a revised 1.2 percent gain in October, the Fed said.

The manufacturing output, the largest component of the overall industrial production, also rose 0.2 percent last month, its third consecutive monthly gain.

While utilities output declined 1.9 percent in November, mining output rose two percent as oil and gas extraction returned to normal levels after being held down in October by Hurricane Nate.

Excluding the post-hurricane rebound in oil and gas extraction, total industrial production would have been unchanged in November, according to the Fed.

"With the disruption from the hurricanes now well behind us, activity remains on course for a solid rebound in the fourth quarter as a whole," Andrew Hunter, economist at Capital Economics, said in a note.

The US economy is expected to expand at 3.3 percent in the fourth quarter of the year, matching the same growth rate in the previous quarter, according to the latest forecast from the Federal Reserve Bank of Atlanta. 

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