US Jan industrial production falls 0.1%

19 Feb '24

1 min read

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US industrial production fell by 0.1 per cent in January after no change in December last year.
In January, manufacturing output declined by 0.5 per cent, with winter weather contributing to the fall, the US Federal Reserve said.
Capacity utilisation for manufacturing fell to 76.6 per cent in January, a rate 1.6 percentage points below its long-run average.

US industrial production fell by 0.1 per cent in January after recording no change in December last year. In January, manufacturing output declined by 0.5 per cent, with winter weather contributing to the fall, the US Federal Reserve (Fed) said.

At 102.6 per cent of its 2017 average, total industrial production in January was identical to its year-earlier level.

Capacity utilisation for the industrial sector moved down by 0.2 percentage point in January to 78.5 per cent, a rate 1.1 percentage points below its long-run (1972–2023) average.

Capacity utilisation for manufacturing decreased to 76.6 per cent in January, a rate 1.6 percentage points below its long-run average, a Fed release said.

The major market groups posted mixed results in January. The index for consumer goods rose by 0.6 per cent with modest gains in its durable and non-durable components.

The index for durable manufacturing edged up by 0.1 per cent, while the index for non-durable manufacturing fell by 1.1 per cent.

ALCHEMPro News Desk (DS)

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