17.12.201720:34:00UTC+00U.S. Industrial Production Increased 0.2% in November

U.S. industrial production increased slowly in November, with the rise mostly a result of the post-hurricane recovery in oil and gas extraction. It was the third straight monthly gain for manufacturing.

Industrial production, which is a measure of output at factories, mines and utilities, increased a seasonally adjusted 0.2 percent in November from the previous month, according the Federal Reserve. It was marginally below the 0.3 percent growth forecast by economists.

Output in the mining sector marked a two percent advance as oil and gas extraction “returned to normal levels” after the impact of Hurricane Nate in October, the Fed said.

The manufacturing sector, which makes up around 12 percent of the nation's economy, increased 0.2 percent in November following an upwardly revised 1.4 percent advance in October.

Output in the utilities sector, however, dropped 1.9 percent on weak output among electricity providers.

The percentage of industrial capacity in use increased marginally to 77.1 percent in November from an unrevised 77.0 percent in October. The November figure was 2.8 percentage points below the long-run average from 1972 to 2016.

Along with greater mining activity, factories are showing signs of strength. Factories are using more of their capacity and hiring more workers. Manufacturers have added 189,000 jobs over the past year, according the employment report released last week.