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Jan industrial production well below at vs..>

US DATA
US DATA: Jan industrial production well below expectations at -0.6% vs 
vs +0.2% expected due to an 8.8% drop in motor vehicle production. 
- Ex. vehicles, IP would have been -0.1%, still a disappointment and 
adding to the string of soft data in recent days. Dec IP revised down, 
Nov revised up. 
- Manufacturing IP -0.9% and -0.2% ex. mtr veh. Utilities +0.4% and 
mining +0.1%.
- Within utilities IP, electric -0.5%, but gas +6.0%, as temperatures 
returned to more normal levels.
- Jan capacity utilization -0.6pp to 78.2% vs 78.8% expected.

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