US industrial production rises more than expected in December

The US economy continues to see good news as December's industrial production rose by 0.4%, exceeding expectations of 0.1%. The November figure was revised up from +0.2% to +0.4%. Capacity utilization also increased to 76.3% from 76.0%. Manufacturing production rose 0.2%, against an expectation of -0.2%, with November's figure also revised up. The rise in December was mainly driven by a sharp 2.6% increase in utilities, largely due to a 12.0% surge in natural gas. Overall, while these figures indicate progress, the production remains flat over the past decades despite advancements in oil production.