US retail sales up, industrial production down in Jan
Retail sales in January were up despite the drop in auto sales by 1.4% after climbing by 3.2% in December. Excluding the pullback in auto sales, retail sales increased by 0.8% in January.
Meanwhile, the country’s industrial production in January dropped by 0.3% after an increase of 0.6% in December. Economists had estimated the industrial production to remain unchanged from the previous month.
The decrease in production was mainly driven by the sharp decline in utilities by 5.7% after increasing by 5.1% in December, which was caused by the warm weather reducing the demand for heating. However, the data showed that the mining output was up by 2.8% on the month in January while manufacturing output slightly increased by 0.2% for the second month in a row.
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