U.S. factory production rose in December as manufacturers churned out more furniture, computers and steel, offsetting a small decline in autos.
The Federal Reserve says factory production increased 0.3 percent last month, the fourth straight gain. The increase comes after total output finally passed its pre-recession peak in November.
The figures released Friday suggest that U.S. manufacturers are adding modestly to economic growth, even as their overseas markets shrink. Most analysts are counting on Americans’ appetite for cars, electronics and appliances to drive greater factory output.
Overall industrial production, which includes mining and utilities, slipped 0.1 percent last month. Utility output plummeted 7.3 percent, as an unseasonably warm December lowered demand for heating.
Mining output, which includes oil and gas production, rose 2.2 percent after 2 months of declines. The Fed said that oil and gas extraction rose, but the increase was limited by declines in new drilling.
Overall industrial production increased in 2014 at the fastest pace in four years. That’s pushed up the percentage of industrial capacity being used to 79.7 percent, just 0.4 percentage points below its four-decade average.
