US industrial production drops more than expected in December

US industrial production fell for the third straight month in December, according to data released by the Federal Reserve.

Industrial output dropped a seasonally-adjusted 0.4% last month, steeper than the 0.2% slip economists had been expecting.

The Fed attributed the fall to cutbacks for utilities and mining. The index for utilities slid 2% as continued warmer-than-usual weather reduced demand for heating, while mining output decreased 0.8%, marking its fourth consecutive monthly decline.

Manufacturing output, which makes up nearly three quarters of overall industrial output, fell 0.1% in December.