Published December 17, 2002
WASHINGTON – U.S. industrial production posted a modest gain in November, its first advance since July, the Federal Reserve said Tuesday.
The Fed said output at the nation's factories, mines and utilities increased by 0.1 percent, boosted by a sharp gain in automotive production. Excluding car and parts production, industrial output fell by 0.2 percent, the Fed said.
The amount of production capacity in use also edged upward, rising to 75.6 percent from 75.5 percent in October. Both production and capacity utilization were close to Wall Street forecasts of a gain of 0.1 percent and 75.4 percent, respectively.
The Fed's report is the first monthly reading incorporating the central bank's recently released benchmark revisions that take into account the Commerce Department's North American Industry Classification System.