December output decline was smallest in 5 months

American industry trimmed production last month by 0.1 percent, the smallest decline in five months, but output fell more than first reported in October and November, the Federal Reserve announced.

Output of US factories shrank by 0.7 percent in November and 1.1 percent in October instead of 0.4 per cent and 0.8 percent, respectively, as previously estimated.

Meanwhile, prices at the wholesale level last year rose 3.5 percent, the smallest annual gain in over a decade, according to the Labor Department.