Industrial production in the U.S. unexpectedly came in unchanged in the month of February, according to a report released by the Federal Reserve on Friday, with a sharp drop in mining output offsetting continued growth in the manufacturing sector.
The report showed that industrial production was unchanged in February after rising by a revised 0.4 percent in January. Economist had expected production to increase by 0.5 percent after initial data showed that production was unchanged in the previous month.
Mining output showed a notable decrease during the month, tumbling by 1.2 percent in February following a 1.6 percent drop in the previous month.
On the other hand, manufacturing output crept up by 0.3 percent in February compared to an upwardly revised 1.1 percent increase in January.
A 1.1 percent drop in the output of motor vehicles and parts limited the upside for manufacturing, with the drop coming after an 8.6 percent jump in January.
Excluding the drop in the output of motor vehicles and parts, manufacturing output increased by 0.4 percent in February.
Utilities output came in unchanged in February after falling by 2.2 percent and 3.0 percent in January and December, respectively.
The report also showed that capacity utilization edged down to 78.7 percent in February from an upwardly revised 78.8 percent in January.
Capacity utilization in the manufacturing sector edged up to 77.4 percent from 77.3 percent, while capacity utilization in the mining sector fell to 90.5 percent from 91.6 percent.
The Fed said capacity utilization in the utilities sector dipped to 74.3 percent in February from 74.4 percent in the previous month.
by RTT Staff Writer
For comments and feedback: email@example.com
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.