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01-16-2008, 04:22 PM #1
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U.S. Industrial Output Flat in December
U.S. Industrial Output Flat in December
MoneyNews
Wednesday, Jan. 16, 2008
WASHINGTON -- U.S. industrial production was flat in December versus expectations for a slight decline, a Federal Reserve report showed Wednesday, but for last year as a whole it notched the weakest reading since 2003.
Economists polled by Reuters ahead of the data had forecast total industrial output to fall 0.2 percent after a 0.3 percent rise in November. Industrial production was up 2.1 percent for 2007, the slowest growth since a 1.1 percent gain in 2003.
Manufacturing output was also flat last month following a revised 0.3 percent rise in November. This was originally reported as a 0.4 percent rise.
Manufacturing is under close scrutiny as evidence gathers that the slumping U.S. housing market has spread to other sectors, including consumer and business spending, and could tip the economy into recession.
Mining output rose 0.1 percent in December after a 1 percent increase in November, while utilities output declined 0.2 percent from an unchanged reading the month before.
The December capacity utilization rate was 81.4 percent versus 81.6 percent in November and compared to a forecast for 81.2 percent. The Fed monitors capacity utilization as a gauge of bottleneck pressures in the production pipeline and uses this as an early warning indicator for future inflation.
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