U.S. industrial production rose 1.6% in December, a third straight monthly gain, but remains below its pre-pandemic level.
The December gain in industrial output followed a 0.5% increase in November and a 1% increase in October, the Federal Reserve reported Friday. Even with those gains, industrial output is still about 3.3% below its level in February before the pandemic hit.
Manufacturing increased 0.9% while mining production rose 1.6%. Utilities’ output rose 6.2% as a rebound in December demand followed unseasonably warm weather in November.
U.S. industry operated at 74.5% of capacity in December, still below the pre-pandemic rate of 76.9% in February.