It was the 19th consecutive period of contraction in industrial activity but the softest since August 2022.
Output declined to a lesser extent for manufacturing (-1.6% vs -5.4% in November). In contrast, production decreased at a faster pace for electricity, gas, steam, & air conditioning supply (-11% vs -10.8%), and mining & quarrying (-6.6% vs -2.4%).
On a seasonally adjusted monthly basis, industrial output rose 5.3% in December from an upwardly revised 2.7% gain in the previous month. For the entirety of 2023, industrial production shrank 10.5%.
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