ECONOMY

Industrial Production Rises to 5-Year High: Output at the nation’s factories, mines and utilities rose 4.2% last year, as measured by the Federal Reserve’s industrial production index. That was the strongest increase since 1988 and followed a 2.3% rise in 1992 and a drop of 1.8% in 1991, a recession year. Production increased during each of the final seven months of the year, rising 0.7% in December and 0.9% in November, which was the largest gain in a year. In December, production at factories rose 0.7%; at mines and oil fields, 0.5%; and at utilities, 1%.