U.S. industrial production increased 0.2 percent in February after moving up 0.7 percent in January. At 102.6 percent of its 2017 average, total U.S. industrial production in February was 1.4 percent above its level a year earlier.
In February, manufacturing output rose 0.2 percent, the index for mining grew 0.8 percent, while utilities output moved down 0.6 percent. Capacity utilization remained unchanged at 76.3 percent, a rate that is 3.1 percentage points below its long-run (1972–2025) average.
Output of durable consumer goods leads expansion
According to the latest U.S. industrial production report by the Federal Reserve, major market groups posted mixed results in February. The output of durable consumer goods stepped up 0.4 percent, with increases in the production of automotive products, of appliances, furniture, and carpeting, and of miscellaneous goods.
Meanwhile, the index for nondurable consumer goods edged down 0.1 percent, with the non-energy component increasing 0.3 percent and the energy component declining 1.4 percent. The production of business equipment rose 0.2 percent, with growth in the indexes for transit and for information processing and a decrease in the output of industrial and other equipment.
The report also revealed that the index for construction supplies declined 0.2 percent, while the index for business supplies edged up 0.1 percent. Materials production also rose 0.3 percent.
Read: U.S. trade deficit plummets to $54.5 billion as exports surge in January
Manufacturing and mining support U.S. industrial production growth
U.S. industrial production was also supported by a 0.2 percent increase in manufacturing output in February. Durable manufacturing output edged up 0.1 percent, with mixed results across categories; the index for motor vehicles and parts posted the largest gain, and the index for machinery posted the largest loss.
The report also revealed that nondurable manufacturing output rose 0.2 percent, with gains in the production of chemicals, of plastic and rubber products and of paper products outweighing declines in the output of petroleum and coal products and of food, beverage and tobacco products. The output of other manufacturing rose 1.3 percent.
Mining output also increased 0.8 percent in February, following a 0.9 percent increase in January. The output of utilities fell 0.6 percent in February, reflecting no change in the index for electric utilities and a 4.7 percent drop in the index for natural gas utilities.
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