U.S. industrial production saw its sharpest decline in more than three and a half years in November as utilities dropped sharply, a sign of weakness that could moderate fourth-quarter growth.
Industrial output slipped 0.6 percent after a downwardly revised 0.4 percent dip in October, the Federal Reserve said on Wednesday, marking the third straight month of declines.
Economists polled by Reuters had forecast industrial production slipping 0.1 percent last month.
The drop in output – the steepest since March 2012 – reflected a 4.3 percent decrease in the utilities index, a likely result of mild weather this season as fewer households switched on heating or air-conditioning.
The mining index fell 1.1 percent, standing 8.2 percent lower than the same time a year ago.
Read more: Yahoo News
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