By Ovunc Kutlu
ANKARA (AA) - US industrial production rose 0.5% in November, below the market estimate, according to the Federal Reserve on Thursday.
Industrial production, which measures the change in the value of output produced by manufacturers and utilities, was expected to rise 0.7%, according to market consensus. Its increase in October was revised from 1.6% to 1.7%.
"Total industrial production in November was 5.3% above its year-earlier level and at its highest reading since September 2019," the Fed said in a statement.
Manufacturing production increased 0.7%, in line with market expectation, and reaching its highest level since January 2019. Its gain in October was revised from 1.2% to 1.4%.
Capacity utilization for the industrial sector increased 0.3 percentage points to 76.8% last month.
Capacity utilization for manufacturing rose 0.5 percentage points to 77.3% in November, its highest rate since December 2018.