Industrial Production (IP) increased 0.4% in December and grew at an annual rate of 0.7% in Q4, according to the Federal Reserve. Manufacturing output rose 0.2% in December but declined at an annual rate of 0.7% in Q4. In December, the index for mining fell 0.7% while the index for utilities climbed 2.6%. At 102.3% of its 2017 average, total IP in December was 2.0% above its year-earlier level. Capacity utilization stepped up to 76.3%, a rate that is 3.2 percentage points below its long-run (1972–2024) average. (full story)