The Federal Reserve said yesterday that the nation's industrial output rose last month, due in large part to the recovery in production of Gulf Coast oil and gas wells. Industrial output, which includes production from factories, mines and utilities, rose by 0.6% last month after gains of 0.8% in November and 1.0% in October.
December manufacturing output was up a slight 0.2% after a 0.4% gain in November, though production from automobile makers and auto parts makers fell for a third straight month. That weakness was offset by strength in the production of computers, airplanes and furniture. Government figures showed that overall, American industry operated at 80.7% of capacity in December, up from 80.3% in
November.