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Free AccessSevere 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
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