US manufacturing and mining output jumps in December

US industrial production edged past forecasts last month, as manufacturing and energy output ramped-up.

According to the Federal Reserve, total output increased at a 0.3% month-on-month pace in December (consensus: 0.2%), as manufacturing production jumped 1.1% and that of the Mining sector by 1.5%.

Pacing gains in manufacturing were motor vehicles and parts, production of which jumped by 4.7%, and that of petroleum and coal products, which rose by 3.5%.

Utilities output on the other hand declined by 6.3% on the month and was 4.3% lower in annual terms.

Versus a year ago, total production was ahead by 4.0%, factory output by 3.2% and that of Mining by 13.4%.

By major market groups, and versus November, production of consumer goods flatlined, but that of business equipment rose by 0.5%, while output in construction was 1.6% stronger and that of materials increased by 0.5%.

The rate of industrial operating capacity in use meanwhile edged up by a tenth of a percentage point to 78.7% (consensus: 78.6%).

In manufacturing, the rate capacity use increased by 0.7 percentage points to 76.5%, but remained two full points below its long-run average.