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Free Access**MNI DATA IMPACT: US February IP Rises 0.1%>
--February Capacity Utilization At 78.2%
--Small IP Gain Due To Manufacturing Weakness; Strength In Utilities
By Harrison Clarke and Shikha Dave
WASHINGTON (MNI) - The February industrial production data was
weaker than expected, with a decline in manufacturing being the biggest
factor. Capacity utilization fell to 78.2% in February.
The following are the key points from the Industrial Production and
Capacity Utilization data for February released by the Federal Reserve
Friday:
- Industrial production increased by 0.1% in February, below the
0.4% gain expected by an MNI survey and the Bloomberg consensus, due in
large part to weakness in manufacturing, offset by gains in utilities.
- Manufacturing production fell 0.4% in the month on general
declines in most categories, led by nonmetallic minerals and petroleum
and coal products. Motor vehicles production was down 0.1%. Outside of
motor vehicles and parts, manufacturing production would still have been
down 0.4%.
- Utilities production rose 3.7% following January's 0.9% decline,
as temperatures reached unusually cool levels in February. The February
mix showed a 4.1% increase in electricity production, and a 1.5% gain
in natural gas as people turned up the heat.
- Mining production posted an increase of 0.3% in February,
following a 0.3% gain in January, maintaining the string of increases,
but suggesting some slowdown in growth due to falling energy prices.
- Capacity utilization came in at 78.2%, below the 78.5% expected
expected by MNI and Bloomberg consensus, following a 78.3% reading for
January. Manufacturing capacity utilization fell to 75.4% from 75.8% in
January, showing a great deal of slack in production capability.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,M$U$$$,MAUDR$]
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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.