Industrial Production Explodes In November

Industrial production rose 1.3% in November according to the latest report from the Federal Reserve.

Expectations were for the report to show industrial production rose by 0.7% in November, better than October's 0.1% contraction. October's number was revised up to 0.1% from -0.1%. 

Capacity utilization also rose sharply, to 80.1% from a revised reading of 79.3%. Capacity utilization was expected to rise, to 79.4% from 78.9%. 

This rate of capacity utilization is now equal to its long-run average spanning 1972-2013 and hit its highest level since March 2008. 

Industrial production in all major market groups advanced in November, headlined by a 2.5% increase in production of consumer goods, the largest increase since August 1998.  

This report comes after a disappointing New York state manufacturing report showed activity in the northeast unexpectedly contracted.

More to come ...