With an increase in manufacturing output offset by declines in mining and utilities output, the Federal Reserve released a report on Wednesday showing that U.S. industrial production unexpectedly came in unchanged in the month of January.
The report showed that industrial production was flat in January following an upwardly revised 1.0 percent increase in December. Economists had expected production to increase by 0.7 percent compared to the 0.4 percent growth originally reported for the previous month.
The Fed also said that capacity utilization edged down to 78.5 in January from a revised 78.6 percent in the previous month. Capacity utilization had been expected to rise to 78.6 percent from the 78.1 percent that had been reported for December.
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