Industrial Production Declines in November

Industrial production slipped 0.2% in November, the first decline in seven months, the Federal Reserve said Thursday.

The decrease in output from factories, mines and utilities followed a 0.7% gain in October.

The November reading was lower than economists’ projections of a 0.1% increase, Bloomberg reported.

Factory production, which makes up three-quarters of the total, decreased 0.4%.

Production of automobiles and parts fell 3.4%, while factory production excluding autos declined 0.2%.

Capacity utilization, which measures plant output, dipped to 77.8%, from a revised 78% in October that was higher than previously estimated.

Manufacturing accounts for about an eighth of the U.S. economy and the factory sector is one of trucking’s largest and most important customers.