Published on 18 Jan 2022 on Zacks via Yahoo Finance
The latest data on U.S. industrial output appears to be disappointing as aggravating COVID-19 cases from the Omicron variant affect the recovering U.S. economy. Per the Fed’s recently-released data, total industrial production decreased 0.1% in December. A 0.3% decline in manufacturing output was observed in December. Going on, there was a 1.5% fall in utility production. Meanwhile, mining production witnessed a 2% gain mainly due to strength in the oil and gas sector.
Considering the latest data release, investors can track ETFs like The Industrial Select Sector SPDR Fund (XLI), Vanguard Industrials ETF (VIS), Fidelity MSCI Industrials Index ETF (FIDU) and iShares U.S. Industrials ETF (IYJ), which might be affected by slowing industrial output.
Total industrial production increased 3.7% from the year-ago figure in December. According to the Fed’s report, the durable and the nondurable manufacturing indexes declined by nearly 0.2%. Moreover, the index for other manufacturing (publishing and logging) slipped 0.8% in December.