US industrial output jumps past forecasts in December
By Alexander Bueso
Date: Friday 15 Jan 2021
(Sharecast News) - Industrial output in the US jumped past forecasts at the end of December with across the board gains in all sub-sectors.
According to the Department of Commerce, total production rose at a month-on-month clip of 1.6% in December (consensus: 0.3%).
Adding to the beat versus economists' forecasts, readings for October and November were revised higher as well.
Factory output increased by 0.9% versus the month before, tripling the median projection of the market consensus.
Utilities' production meanwhile surged by 6.2%, more than reversing the previous month's drop of 4.5% and output from Mining was up 1.6%, building on November's gain of 2.8%.
By major market groups, production of consumer goods surged by 1.6% on the month, alongside growth of 0.6% in that of business equipment.
Construction output was up by 1.9% alongside and that of Materials by 1.7%.
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