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U.S. Industrial Production Unexpectedly Edges Lower In March

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Reflecting a notable decrease in mining output, the Federal Reserve released a report on Tuesday showing U.S. industrial production unexpectedly edged lower in the month of March.

The report said industrial production dipped by 0.1 percent in March after inching up by 0.1 percent in February. Economists had expected production to rise by 0.2 percent.

The unexpected decrease in production came as mining output slid by 0.8 percent in March after coming in unchanged in the previous month.

The Fed said manufacturing production was unchanged in March after declining in both January and February, while utilities output crept up by 0.2 percent after spiking by 3.7 percent.

Meanwhile, the report showed capacity utilization in the industrial sector slipped to 78.8 percent in March from 79.0 percent in February. Capacity utilization had been expected to come in at 79.1 percent.

Capacity utilization in the utilities sector was unchanged at 79.9 percent, while capacity utilization edged down to 764 percent in the manufacturing sector and 90.9 percent in the mining sector.

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