U.S. industrial production edges upward in February
The numbers: Industrial production edged up 0.1% in February, the Federal Reserve reported Friday. The gain was below Wall Street expectations of a 0.4% rebound after a sharp drop in the prior month. January output was revised up to a 0.4% drop from the prior estimate of a 0.6% decline.
Economists were expecting auto production to recover in March after a steep drop in the prior month, but that didn’t happen. Auto output fell a slight 0.1% in March after a revised 7.6% decline in January. Capacity utilization fell slightly to 78.2% in February from 78.3% in the prior month. The capacity utilization rate reflects the limits to operating the nation’s factories, mines and utilities. It’s well below pre-recession levels, above 80%, that could fan production costs and prices.
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