Monday, March 16, 2015

Industrial Production Inched up in February, January Output Revised Downward

Industrial production increased 0.1% in February. Numbers for January were revised downward from a 0.2% increase to a 0.3% decrease. Total industrial production is now 3.5% higher than a year ago.

The capacity utilization rate for the industrial sector dropped 2 basis points to 78.9% for the month, a rate that is still 1.2% below its long-run average.

Mining output fell by 2.5%, mostly due to drops in coal mining and oil and gas well drilling and servicing. Utilities increased by 7.3% due to especially cold temperatures.

Indexes for consumer goods, defense and space equipment and business supplies reported gains while business equipment, construction supplies and materials reported losses. The increase in the consumer goods index was driven largely by a 7.6% rise in consumer energy products.

Manufacturing output fell by 0.2%, led by a decline in the motor vehicle industry which fell by 3%. The production of non-durable goods rose by 0.2%, but this was due to gains production of petroleum and coal products which offset many of the losses in other sectors.

Read the Federal Reserve release.

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