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- U.S. industrial production grows more than forecast in January
U.S. industrial production grows more than forecast in January
The Federal
Reserve reported on Wednesday the U.S. industrial production rose 0.9 percent
m-o-m in January 2021, following a revised 1.3 percent m-o-m increase in December
2020 (originally a 1.6 percent m-o-m jump).
Economists had
forecast industrial production would increase 0.5 percent m-o-m in January.
According to
the report, manufacturing output rose 1.0 percent m-o-m in January and mining
production advanced 2.3 percent m-o-m. Meanwhile, the output of utilities decreased
1.2 percent m-o-m.
Capacity
utilization for the industrial sector increased 0.7 percentage points m-o-m to
75.6 percent in January. That was 0.8 percentage point above economists’
forecast but 4.0 percentage points below its long-run (1972-2020) average.
In y-o-y terms,
the industrial output dropped 1.8 percent in January, following a revised 3.2
percent plunge in the prior month (originally a 3.6 percent decline). This was the
smallest decrease since February 2020.
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