U.S. Industrial Output Inches Up 0.1% in February- The numbers: Industrial production rose 0.1% in February, the Federal Reserve reported on March 15. The gain was above expectations of a flat reading, according to a survey by The Wall Street Journal. However, production in January was revised down sharply to a fall of 0.5%, compared with the prior estimate of a 0.1% decline. Output in December was also revised down to a 0.3% fall. The prior estimate said that output was unchanged.
Capacity utilization held steady at 78.3% in February. Economists had forecast an increase to a 78.5% rate.
The capacity utilization rate reflects the limits to operating the nation’s factories, mines, and utilities. Key details: Manufacturing rose 0.8% in February after a 1.1% fall in the prior month. The index for mining, which includes oil and gas drilling, rose 2.2% after a sharp 2.9% drop in January.
Source: MarketWatch, 03.15.2024
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