The supply-driven setback in industrial production in August and September is now looking more like a temporary blip.
Driving the news: Production rose 0.5% in November, and within that, manufacturing activity gained 0.7%, new data out from the Federal Reserve show.
Why it matters: It's another data point that suggests supply bottlenecks are starting to ease.
- "Manufacturing output now stands some 2% above its pre-Covid level, and is on course for a 6% annualized increase in the fourth quarter, the best since Q4 2020," wrote Ian Shepherdson, chief economist at Pantheon Macroeconomics, in a research note.
"[T]he industrial recovery continues, and business surveys point clearly to further gains over the next few months," he added.