Manufacturing production increased 0.8% in November, rising for the seventh straight month, led by strength in durable goods. The largest increases in output in November were in motor vehicles and parts, primary metals, paper, miscellaneous durable goods and aerospace and miscellaneous transportation equipment. Overall, manufacturing production remained 3.7% below the pre-pandemic pace in February.

After November’s data notched the best readings since September 2014, the IHS Markit Flash U.S. Manufacturing PMI pulled back slightly in December. The index continued to signal a strong rebound overall since the spring. Input prices rose at the strongest pace since April 2018. The Eurozone data were also encouraging, improving to the best reading since May 2018, despite lingering COVID-19-related weaknesses in the services sector.