U.S. factory production rose for a fourth straight month in December, capping the strongest quarter since 2010 and underscoring a resurgence in manufacturing that’s primed for further advances, Federal Reserve data showed Wednesday.
Bloomberg reports in December, U.S. manufacturing increased 2.4 percent more than December of 2017.
Manufacturing, which makes up more than 75 percent of total industrial production, accounts for about 12 percent of the U.S. economy. It increased 2.4 percent in December from the same month a year earlier.
Other key findings:
- Mining production rose 1.6 percent; with oil and gas well drilling rising 0.9 percent
- Production of motor vehicles increased 2 percent, the most in four months; excluding autos and parts, manufacturing output fell 0.1 percent
- Production of consumer goods rose 1 percent, and output of business equipment increased 0.2 percent
- Output of machinery and wood products increased in December
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