Industrial production increased 0.4% in November, the Federal Reserve reported on Dec. 15.
Between February and April, production fell 16.5%.
November’s numbers mean that the index has risen to 5% below its pre-pandemic (February) reading.
Manufacturing output advanced 0.8% for its seventh consecutive monthly gain. This level is 3.8% below its pre-pandemic reading
The index for durable manufacturing rose 1.5% with widespread gains across its components. The increase was driven by a 5.3% increase for motor vehicles and parts.
In addition to the large increase for motor vehicles and parts, output moved up for primary metals, for computers and electronics, aerospace and transportation equipment.
The index for nondurables edged up 0.1% in November after posting an increase of 1.4% in October.
Capacity utilization for the industrial sector increased 0.3 percentage point in November to 73.3%, a rate that is 6.5 percentage points below its long-run (1972–2019) average but 9.1 percentage points above its low in April.
Looking at major markets, the index for business equipment rose 2%, supported by a sizable increase in the production of motor vehicles as well as by continued recovery in the production of commercial aircraft. The output of materials rose 0.7%, with similarly sized gains for each of its three main components—durable, nondurable, and energy materials.
