WASHINGTON, Jan. 17 (Xinhua) -- U.S. industrial production rose sharply in December, boosted by gains in utilities output, the Federal Reserve said on Wednesday.
Industrial production, an indicator of manufacturing, mining and utilities output, rose 0.9 percent in December, following a revised 0.1 percent decline in November, the Fed said. Economists had expected the index to rise 0.6 percent for the month.
Utilities output jumped 5.6 percent last month as cold weather increased demand for heating, while mining output rose 1.6 percent primarily because of a gain posted by oil and gas extraction, the Fed said.
The manufacturing output, the largest component of the overall industrial production, rose only 0.1 percent last month, its fourth consecutive monthly gain.
In the fourth quarter as a whole, industrial production jumped 8.2 percent at an annual rate "after being held down in the third quarter by Hurricanes Harvey and Irma," according to the Fed.
In a separate report released on Wednesday, the Fed also noted that most U.S. manufacturers reported modest growth in overall business conditions in late November through the start of 2018, and some manufacturers increased capital expenditures over this period.
Analysts said U.S. manufacturing has bounced back in 2017 due to a weaker dollar, more stable oil prices and synchronized global economic growth.
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