Utilities And Mining Offset Manufacturing For Jump In Industrial Production

Big jumps for utilities and mining more than offset a flat performance at manufacturers to make for a 0.6 percent jump in November industrial production. Utility output surged 3.3 percent in November following two months of prior declines while mining output, which also sank in October and September, rose 1.7 percent.

Manufacturing couldn't muster much strength in November despite a 1.6 percent jump for select hi-tech and a 0.3 percent gain for motor vehicles. Production of construction supplies, where shortages have been reported, posted a third straight month of contraction with production of business equipment, which had been strong, also down in the month.

Manufacturing had been showing some life in this report but today's data include a sharp downward revision to October, now at minus 0.1 percent vs an initial 0.3 percent gain. These results, together with the previously released factory order data for October, point to a factory sector that may be running a bit out of gas going into year end.