The 1.3% gain in output at factories, mines and utilities followed a 0.1% increase the prior month that was previously reported as a decline, figures from the Federal Reserve showed today in Washington. Manufacturing rose 1.1%, the most in nine months, and output at utilities was the strongest in almost eight years.
The Fed’s report showed the biggest gain in consumer-goods production in 16 years, indicating rising auto sales and a pickup in retail purchases are helping factories work through a slowdown in global markets. More hiring, slumping gasoline prices and a jump in confidence add to signs of improving household demand and sustained output.
“November was a strong month for manufacturing and we should see that continue,” said Laura Rosner, a U.S. economist at BNP Paribas in New York and a former New York Fed researcher who predicted a 1.2% gain in industrial output. “With consumer demand and business demand strengthening together, it is self-reinforcing. The gain in production sets us up for a solid pace of growth next year.”
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