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Manufacturing output declines in January

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Manufacturing output declines in January

Weather is blamed for downturn in production; Q42013 production revised substantially downward.

 

The Federal Reserve issued January industrial production figures for the US this morning, and they aren’t pretty.

Industrial production decreased 0.3% in January, it’s worst performance since April of last year. 

Estimates had been for a 0.3% increase.

"Additionally, manufacturing production is now reported to have been lower in the fourth quarter; the index is now estimated to have advanced at an annual rate of 4.6% in the fourth quarter rather than 6.2%."

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In January, manufacturing output fell 0.8%, partly because of the severe weather that curtailed production in some regions of the country. Additionally, manufacturing production is now reported to have been lower in the fourth quarter; the index is now estimated to have advanced at an annual rate of 4.6% in the fourth quarter rather than 6.2%.

The output of utilities rose 4.1% in January, as demand for heating was boosted by unseasonably cold temperatures. The production at mines, though, declined 0.9% following a gain of 1.8% in December.

The capacity utilization rate for total industry decreased in January to 78.5%, a rate that is 1.6% points below its long-run average.

Total industrial production in January was 2.9% above its level of a year earlier.

 

 

 

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