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Industrial production in the U.S. increased by slightly more than expected in the month of December, the Federal Reserve revealed in a report on Wednesday, with increased mining and manufacturing output more than offsetting a sharp drop in utilities output.
The report showed that industrial production increased by 0.3 percent in December following a revised 1.0 percent jump in November. Economists had expected production to edge up by 0.2 percent compared to the 1.1 percent growth originally reported for the previous month.
The Federal Reserve also said capacity utilization inched up to 78.8 percent in December from an upwardly revised 78.7 percent in the previous month. The capacity utilization rate had been expected to edge up to 78.5 percent from the 78.4 percent originally reported for November.
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