WASHINGTON, Jan. 14 (UPI) -- The U.S. Federal Reserve said Friday industrial output rose during all of 2004 for the first time in four years.
The Fed said industrial production rose 0.8 percent in December after rising 0.2 percent in November. December was lifted by increases in most major industry groups and a particularly sharp rise in utilities output driven by electricity production.
Industrial production grew 4.1 percent in both the fourth quarter and the full 2004 calendar year. That marks the first full-year expansion recorded since 2000.
December industrial capacity utilization was at its highest level since January 2001. Utilization was reported at 79.2 percent in December, up from 78.6 percent in November.
Manufacturing production rose 0.7 percent after a 0.1 percent rise in November. December manufacturing capacity use came in at 77.8 percent, up from November's 77.4 percent. Manufacturers have projected their growth rate will exceed the overall economy in 2004, 2005 and 2006, as the sector continues to recover. But their growth outlook has cooled somewhat over the past year.
Utilities output jumped 2.7 percent last month, compared to a 0.1 percent drop in November. Mining output rose 0.4 percent in December, compared to 2.2 percent growth in November.
