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US Industrial Production Remains Unchanged in February
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US industrial production remained flat in February, falling short of market expectations for a 0.2% increase.
Key Takeaways
- US industrial production remains unchanged in February, falling short of market expectations for a 0.2% increase.
- Manufacturing production slipped by 0.1% month on month and 1% compared to February 2022.
- Capacity utilization stayed steady at 78%, below its long-run average, according to the Federal Reserve.
Overview
The Federal Reserve released its report on Friday, revealing that industrial production in the United States remained unchanged in February compared to the prior month.
This is weaker than the market expectation of a 0.2% increase. On a yearly basis, industrial output fell by 2%.
Manufacturing production also declined by 0.1% month on month and by 1% compared to February 2022.
Mining fell by 0.6% compared to January, but saw an annual rise of 7.1%.
Utilities, on the other hand, saw a monthly increase of 0.5% but a yearly decline of 7.6%.
Capacity utilization remained the same in February, at 78%, which is 1.6 percentage points below its long-run average.
The Fed also reported that manufacturing output edged up by 0.1% in the same period.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
James Hyerczykauthor
James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.
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