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US industrial output falls 0.5% in Feb

by ChemOrbis Editorial Team -
  • 17/03/2016 (15:33)
According to media reports, data released by the US Federal Reserve showed that industrial production in the US declined 0.5% on a seasonally adjusted basis in February following a revised increase of 0.8% in the previous month. Economists’ initial estimates called for a decrease of 0.2% in a survey conducted by The Wall Street Journal. On a yearly basis, meanwhile, the country’s industrial output slid 1% in February, posting its fourth consecutive annual decline.

The larger than expected decrease was attributed to ongoing weakness in global markets, stronger dollar and cheaper oil. In addition, some economists commented that unseasonably warm weather conditions and the energy sector’s slump weighed on the US industrial production.

Meanwhile, according to recent data, manufacturing production rose by 0.2% in February following an increase of 0.5% in January. It was also up 1.8% compared with the same month of 2015. The increase in manufacturing represented the second consecutive gain while it was driven by a 9.1% annual increase in motor-motor vehicle production. Mining output, however, fell by 1.4% in February after a 0.7% decline in January.

The Fed also reported that the country’s capacity utilization rate fell to 76.7% in February, down 0.4% from January. Economists had forecast that capacity utilization would edge down to 76.8% in February.
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