US industrial production fell -0.1% MoM and -0.9% YoY in November, the third straight decline in production and below expectations of an 0.3% MoM increase. Manufacturing production, however, was up 0.2% MoM though that was below the 0.5% MoM expected increase. Mining (-0.9% MoM) and utilities (-1.3% MoM) were both weak and dragged the headline reading of production lower. The increase in manufacturing production was spurred on by growth in durable subsectors including motor vehicles & parts (+3.5% MoM) and machinery (+2.1% MoM).

Capacity utilization ticked down -0.2 ppts to 76.8% as a result of a sizeable decline in both mining and utilities capacity. Manufacturing capacity was slightly higher to 76.0% and up 1.3 ppts over a year ago.