US Industrial Production Edges Up 0.2%

Industrial output in the United States increased 0.2 percent in January after falling 0.3 percent in December. While manufacturing sector rose a meager 0.2 percent and utilities went up by 2.3 percent; mining shrank 1 percent due to lower output in oil and gas industries.

In January, manufacturing output moved up 0.2 percent, as the production of durable goods advanced 0.4 percent and the production of nondurable goods was unchanged. Gains were posted by all major durable goods industries except motor vehicles and parts, aerospace and miscellaneous transportation equipment, and furniture and related products. Increases of more than 1.0 percent were recorded in the production of primary metals and of computer and electronic products. Among the major nondurable goods industries, gains in the indexes for apparel and leather, for chemicals, and for plastics and rubber products offset losses elsewhere. The production of other manufacturing industries (publishing and logging) moved down 0.4 percent.

The index for mining decreased 1.0 percent, with the decline more than accounted for by a substantial drop in the index for oil and gas well drilling and related support activities. 

The output of utilities increased 2.3 percent. At 106.2 percent of its 2007 average, total industrial production in January was 4.8 percent above its level of a year earlier. 

Capacity utilization for the industrial sector was unchanged in January at 79.4 percent, a rate that is 0.7 percentage point below its long-run (1972–2014) average.

Year-on-year, industrial production rose 4.8 percent in January and is estimated to have advanced at an annual rate of 4.3 percent in the fourth quarter of last year. 

US Industrial Production Edges Up 0.2%

Federal Reserve | Joana Taborda |
2/18/2015 2:50:17 PM