Manufacturing Output Rose in December, But is Still Below Pre-Pandemic Levels
GREAT BARRINGTON, MA—Industrial production rose 1.6 percent in December, following a gain of 0.5 percent in November and 1.0 percent in October, reports the American Institute of Economic Research. Industrial output has risen in seven of the last eight months. However, the gains were not enough to overcome the back-to-back declines of 4.4 percent and 12.7 percent in March and April, respectively. Over the past year, industrial production is down 3.6 percent and 3.3 percent below the pre-pandemic level in February.
Manufacturing output, which accounts for about 75 percent of total industrial production, rose 0.9 percent after a gain of 0.8 in November and 1.3 percent in October. Manufacturing output has risen for eight consecutive months and follows declines of 5.0 percent and 15.8 percent in March and April. The eight consecutive gains still leave manufacturing output 2.8 percent below year-ago levels and 2.6 percent below the 2018-2019 average index level.