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US industrial production falls at faster pace in Nov

by ChemOrbis Editorial Team - content@chemorbis.com
  • 17/12/2015 (09:34)
According to data released by the US Federal Reserve, US industrial production, which includes factories, mines and power plants, fell at a faster pace than expected in November, declining by 0.6% from a month earlier. Bloomberg economists’ estimates had called for a decrease of 0.1%. Meanwhile, October’s industrial production figures were also revised to a decrease of 0.4% from an initially reported drop of 0.2%.

The decrease was attributed to lower durable goods production and weak global demand as well as to a stronger dollar. Utility output declined 4.3%, posting the highest decline since March 2007 following a decrease of 2.8% in the previous month while mining production, including oil drilling, slipped 1.1% in November following a drop of 2.4% in October. Oil and gas well drilling was also down 4%.

The data also showed that durable goods production slid 0.2% in November. Motor vehicles and parts production fell 1% while factory output excluding autos and parts posted an increase of 0.1% in November.

Meanwhile, US industrial capacity utilization fell to a two year low of 77% in November from a rate of 77.5% in October.
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