Industrial Production Recovers After Sandy
Industrial production rose 1.1% in November, the Federal Reserve announced today. The increase followed a month-to-month drop in the indicator in October, when it fell by 0.7%.
The Fed attributed much of last month's gains to a recovery in production for enterprises that had been negatively affected by Hurricane Sandy, the "superstorm" that caused widespread property damage in the New York/New Jersey metropolitan area and other areas of the Northeast.
Of the major market groups tracked by the Fed, construction saw the highest increase during the month, at 1.4%. Construction was followed by consumer goods and business equipment, each at 1.2%. The Fed noted that a "sizable rise in the production of motor vehicles and parts boosted factory output in November."
In year-over-year terms, industrial production advanced by 2.5% in November.
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