U.S. industrial production likely to have grown in December

Industrial output in the U.S. had risen in November slightly on a sequential basis, falling slightly short of expectations of a 0.3 percent rise. But the report had a positive surprise in an upward revision of October’s initially recorded 0.9 percent rise to 1.2 percent. Manufacturing produces about three quarters of industrial production, and recorded a slight positive gain to follow up October’s solid rise. Meanwhile, utilities production had dropped almost 2 percent, as 2017 gave us the seventh warmest November in history. Mining output recorded its eighth monthly rise of the year in November.

Industrial production has shown modest growth, but capacity utilization has been comparatively subdued. According to a Wells Fargo research report, industrial production might strengthen even further in 2018. The December print is expected to have come in at 0.4 percent on a sequential basis.

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