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MNI BRIEF: US Feb IP Plummets As Temperatures Drop

MNI (Washington)

Severe storms in the southern U.S. through February hit output refineries and plants, the Federal Reserve said Tuesday, with industrial production falling 2.2% on month, far below the 0.3% increase financial markets had been anticipating. The fall left production down 4.2% from one year ago, just before the pandemic struck hard across some areas of the States.

The output of utilities increased 7.4% in February as the cold winter weather boosted demand for heating. But manufacturing output was down 3.1%, mostly driven by an 8.3% drop in production of motor vehicles and parts that reflected a global shortage of semiconductors and the severe weather.

Capacity utilization in February dipped to 73.8% from 75.5% in January (prev 75.6%). Markets had expected capacity utilization to fall only slightly to 75.5%.

U.S. Industrial Production m/m

Source: Bloomberg

MNI Washington Bureau | +1 202-371-2121 |
MNI Washington Bureau | +1 202-371-2121 |

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