US Industrial Production Falls 0.3% in January

US industrial production decreased 0.3 percent in the first month of 2014, after having risen 0.3 percent in December, as manufacturing was hurt by severe weather conditions.
Federal Reserve | Joana Taborda | 2/14/2014 2:24:15 PM
Manufacturing output fell 0.8 percent, partly because of the severe weather that curtailed production in some regions of the country. Additionally, manufacturing production is now reported to have been lower in the fourth quarter; the index is now estimated to have advanced at an annual rate of 4.6 percent in the fourth quarter rather than 6.2 percent. 

The output of utilities rose 4.1 percent in January, as demand for heating was boosted by unseasonably cold temperatures. 

The production at mines declined 0.9 percent following a gain of 1.8 percent in December. At 101.0 percent of its 2007 average, total industrial production in January was 2.9 percent above its level of a year earlier. 

The capacity utilization rate for total industry decreased in January to 78.5 percent, a rate that is 1.6 percentage points below its long-run (1972–2013) average.

Compared with the same month last year, industrial production rose 2.9 percent, falling from a growth rate of 3.7 percent in the previous month.

US Industrial Production Falls 0.3% in January