Summary: US industrial output down 0.1% in December, contrasts with 0.2% expected; up 3.7% over past 12 months; weakness driven by vehicles, parts; capacity utilisation rate down 0.1ppt to 76.5%; above February 2020 figure, still well short of long-term average. The Federal Reserve’s industrial production (IP) index measures real output from manufacturing, mining, electricity and gas company facilities located in the United States. These sectors are thought to be sensitive...