US industrial production for November 2021
- Industrial production rises by 0.5% versus 0.7% estimate
- Prior month came in at 1.7% revised up from 1.6% previously reported
- industrial production is 5.3% above its year earlier level and is highest reading since September 2019
- Capacity utilization 76.8% versus 76.8% estimate
- Previous month 76.5% revised up from 76.4% previously reported
- Manufacturing output increased 0.7% versus 1.4% last month (revise from +1.2%). This was the highest level since January 2019.
- Manufacturing capacity utilization increased 0.5 percentage points to 77.3% in November. This was the highest level since December 2018
The data was more or less in line with expectations (inclusive of the revision from October). Capacity utilization is making a new cycle high off of the 2020 low. however it is still 2.8 percentage points below its long-run 1972-2020 average.
Capacity utilization is that a new cycle high at 76.8%
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