) -- In yet another indication of the pace of the nation's economic recovery, industrial production rose more than expected in November.
U.S. industrial output rose by 0.8% in November after remaining unchanged in October, according to a release that the Federal Reserve issued today. Economists had forecast a slightly smaller rise at 0.5%, says a poll from Thomson Reuters.
A 1.1% advance in manufacturing output and 2.1% increase in mining production helped offset lagging utilities. The 1.8% decline was due to lower gas demand resulting from unseasonably mild temperatures in November, according to the report.
Capacity utilization, or the share of plants in use, also improved to a 71.3% rate in November vs. a consensus forecast of 71.1%. Utilization stood at 70.6% in October.
Several major manufacturing conglomerates were tracking lower in the morning, with
-- among others -- shedding 0.4%, 0.2% and 0.6%, respectively.
Dow Jones Industrial Average
was lower by 20 points, or 0.2%, to 10,481.
--Written by Sung Moss in New York