U.S. industrial production recorded its biggest increase in a year in November, as factory output rose solidly and mining and utilities production rebounded strongly, the government reported Monday, suggesting the economy is gaining momentum. The Federal Reserve (Fed) said industrial production increased 1.1 percent last month, as auto production increased. It was the biggest monthly increase since November 2012. Industrial production rose 0.1 percent in October. Industrial production for the first time surpassed the pre-recession peak set in December 2007, the month the Great Recession started. Industrial output now is 21 percent above its recession low hit in June 2009, the month the downturn ended. Factory output, which accounts for three-quarters of industrial production, rose 0.6 percent last month, the fourth consecutive gain. A 3.4 percent rebound in auto production accounted for much of the increase, but there also were gains in fabricated metals, textiles, furniture, and electrical equipment.
