Wednesday, February 18, 2015

Industrial Production Edged Up in January

Industrial production increased 0.2% in January after decreasing 0.3% in December. At 106.2% of its 2007 average, total industrial production was 4.8% above its level of a year earlier.

The capacity utilization rate for the industrial sector was unchanged at 79.7%, a rate that is 0.7 percentage point below its long-run (1972-2014) average.

Manufacturing output rose 0.2%, after remaining unchanged in December, to an annual rate of 5.6%. The production of durable goods advanced 0.4% and the production of nondurable goods was unchanged. The capacity rate for manufacturing increased 0.1 percentage points to 78.1%, 0.5 percentage points below its long-run average.

Mining output declined 1.0% after increasing 2.1% in December; the decline was more than accounted for by a substantial drop in the index for oil and gas well drilling and related support activities The utilization rate for mines fell 1 percentage point to 87.5%.

Utilities production rebounded, increasing 2.3% after falling 6.9% in December. The utilization rate for utilities climbed 1.8 percentage points to 78.2%.

Consumer goods increased 0.2% as a result of a gain of 2.3% for consumer energy products; the output of durable consumer goods decreased 1.0% and the production of non-energy nondurables was unchanged.

Read the Federal Reserve release.

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