Industrial production for November dropped 0.6%, better than the survey of economists forecast of a decline of 0.8%. October was revised upward to 1.5% from the previous report of 1.3%. Capacity utilization for November fell to 75.4%, largely in line with estimates of 75.6%. October utilization was revised down to 76.0% from the prior report of 76.4%. Leading the decline in production was lower output of consumer durables, autos and construction supplies.
The Empire Manufacturing Index fell from -25.4 in November to -25.8 in December, less than a forecast decline to -28.0 but the lowest level since the index began in 2001. Manufacturing conditions in New York continue to deteriorate at a significant pace but did not noticeably accelerate in the final month of the year.
The Dow Jones Industrial Average declined 65 points (0.8%) to close at 8,565, the S&P 500 Index lost 11 points (1.3%) to 869, while the Nasdaq Composite declined 32 points (2.1%) to close at 1,508. Crude oil fell $1.77 to $44.51 per barrel, and gold ended up $18.50 at $839.00 per ounce.
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