U.S. industrial production increased for a fourth consecutive month in December, as manufacturing sustained growth in the fourth quarter, the Federal Reserve report showed on Wednesday.
Total industrial production rose 0.9 percent in December, up from a revised 0.1 percent decrease. While capital utilization, which measures the number of plants in use climbed to 77.9 percent from 77.2 percent in November.
According to the report, factory output increased at a 7 percent annualized rate in the month, capping the year with the strongest fourth quarter since 2010.
Improved consumer spending, increased exports and growing business investment are supporting business activities in the manufacturing sector. Manufacturing account for more than 75 percent of total industrial production.
On a yearly basis, industrial production rose 1.3 percent in 2017, the highest reading in five years.
The U.S. dollar remained fairly stable against the Euro common currency, gaining 0.15 percent to $1.2241.
