Consumer Confidence, Factory Output Drop

Industrial output stumbled in December and consumers were glum in early January, economic reports showed.

The Federal Reserve said output at U.S. mines, factories and utilities fell 0.2% in December as a result of lower auto production. The amount of usable capacity in operation dipped to 75.4%, its lowest level since March 2002.

The University of Michigan said its closely watched preliminary monthly gauge of consumer sentiment fell to 83.7 in January from a final reading of 86.7 in December.

In another report, the Commerce Department said the U.S. trade gap in November rose to a record $40.10 billion.