U.S. industries reduced manufacturing output in February because of severe weather, while overall production totals inched ahead slightly. Industrial production last month increased by 0.1%, the Federal Reserve said Monday. That falls in line with the expectations of economists surveyed by Dow Jones Newswires. January output remained unchanged at 0.9%.
The biggest gain in the report showed output in the mining industry rose 2.0% after climbing 1.1% in January. Mining capacity use rose to 88.2% from 86.4%. Still, manufacturing production in February decreased 0.2% from the previous month's 0.9% increase, the report said. Car and parts output showed a steep dip of 4.4%. excluding autos, production in all other industry remained stagnant.
Source: Federal Reserve