WASHINGTON, Dec. 14 (UPI) -- Industrial production rose 1.1 percent in November after having fallen 0.7 percent in October, the Federal Reserve said Friday.
The gain in November is estimated to have largely resulted from a recovery in production for industries that had been negatively affected by Hurricane Sandy in late October.
Manufacturing output increased 1.1 percent in November after having decreased 1.0 percent in October. The Fed said a sizable rise in the production of motor vehicles and auto parts contributed to the boost in factory output in November.
The output of utilities advanced 1.0 percent, and production at mines rose 0.8 percent. At 97.5 percent of its 2007 average, total industrial production in November was 2.5 percent above its year-earlier level.
|Additional Business News Stories|
BRUSSELS, May 22 (UPI) --The European Union will carefully weigh the risks of shale gas development this year but also needs to stem high energy prices, the EU's energy chief says.
SANTIAGO, Chile, May 21 (UPI) --More than $4 billion of cash reserved for Chilean military procurement remains unspent because of mysterious workings of funding arrangements.