Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.