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US industrial production rises in November

U.S. industrial production increased 0.2% on a monthly basis in November and rose 3.4% from a year ago as manufacturing and mining output increased, the Federal Reserve reported.

The industrial production index came in at 106.4 in November, up from the revised reading of 106.1 in the previous month. October's industrial production growth was revised up to 1.2% from 0.9%.

Manufacturing output grew 0.2% month over month in November, reflecting a 0.4% increase for the durables segment, where widespread gains were recorded. Primary metals were the biggest contributor among durables with a 1.7% increase. Year over year, manufacturing output was up 2.4%.

Mining production expanded 2.0% in November from October, with oil and gas extraction as the primary contributor with a 3.0% gain. Mining output jumped 9.4% from a year ago.

Utilities output fell 1.9% on a monthly basis in November but was 2.3% higher from the same month last year.

Capacity utilization for the industrial sector came in at 77.1% last month, up from 77.0% in October and 75.5% in November 2016. The latest capacity utilization rate is 2.8 percentage points below its long-run average of 79.9%.