US industrial production flat in February
The data showed that the increases in mining and manufacturing output were offset by a sharp fall in utilities output. Accordingly, mining and manufacturing output increased by 2.7% and 0.5% respectively while utilities output dropped further in February by 5.7% after a revised decline of 5.8% in the previous month due to the warm weather reducing the demand for heating.
The data also showed that the capacity utilization was down to 75.4% in February from 75.5% in January and stood slightly below the expectation of 75.5%. Capacity utilization in mining and manufacturing sector was up to 80.5% and 75.6% respectively while it decreased to 70.9% in the utilization sector.
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