US industrial output grows less than expected in Feb
by ChemOrbis Editorial Team - content@chemorbis.com
According to a report published by the US Federal Reserve, the country’s industrial production increased by a smaller than expected amount in February. Industrial output rose 0.1% on a seasonally adjusted basis in February owing to higher utility output, which climbed 7.3% in February. Economists’ initial estimates called for an increase of 0.2% in a survey by Wall Street Journal. January’s figures, meanwhile, were downwardly revised to a drop of 0.3% instead of the initially reported increase of 0.2%.
Manufacturing decreased for a third consecutive month in February, sliding 0.2% following a 0.3% decrease in the previous month. Production for motor vehicles and parts fell 3% while mining output also declined 2.5% after declining 1.3% in January.
The report also showed that country’s February capacity utilization rate decreased to 78.9% from 79.1% in the previous month. Economists’ initial estimates called for an increase to 79.5%. Capacity utilization in the utilities sector surged to 84.5% in February while the reading fell to 84.6% and 77.3% in the mining and manufacturing sectors, respectively.
Manufacturing decreased for a third consecutive month in February, sliding 0.2% following a 0.3% decrease in the previous month. Production for motor vehicles and parts fell 3% while mining output also declined 2.5% after declining 1.3% in January.
The report also showed that country’s February capacity utilization rate decreased to 78.9% from 79.1% in the previous month. Economists’ initial estimates called for an increase to 79.5%. Capacity utilization in the utilities sector surged to 84.5% in February while the reading fell to 84.6% and 77.3% in the mining and manufacturing sectors, respectively.
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