Total industrial production (IP) rose 1.3 percent in November compared with October. The November increase was the index's largest month-over-month gain since May 2010. Manufacturing production in November increased 1.1 percent compared with the previous month, with gains being widespread across major sectors. Motor vehicles and parts output rose 5.1 percent, and production in high-tech industries grew 1.1 percent. Utility production rose 5.1 percent compared with October, and mining production decreased 0.1 percent. The fall in mining production could reflect a slowdown in oil and gas extraction. The rise in total IP is generally consistent with the strong Institute for Supply Management index report and solid regional surveys, suggesting robust manufacturing growth. The annualized three-month growth rate in total IP jumped to 9.5 percent in November, which is the highest annualized three-month growth rate in over four years. Year over year, total IP increased 5.2 percent.
