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US industrial production below expectations in February
22-03-2017 16:37
US industrial production below expectations in February
US industrial production below expectations in February

According to the official report unveiled by the Federal Reserve, industrial production in the United States was unchanged in February following a 0.1% decrease in January. Economists had expected the output to climb by 0.3%.

January’s figure was revised from a 0.3% decline.

At the same time, manufacturing output, the component that accounts for 75% of the total industrial production, rose by 0.5% in February, for the sixth month in a row. The moderate growth indicates a steady recovery in the manufacturing sector.

However, weak growth of the overall industrial output was due to the decline in the electricity output. In February, it dropped by 5.7% after falling by 5.8% in the previous month because of the unexpectedly warm weather.

Production in the mining industry showed an increase of 2.7% after climbing by 2.2% in January.

Meanwhile, the car and auto parts production rose by 0.8%, while the output of construction materials rose by 1.3%. Production of equipment grew by 0.7%, while consumer goods output fell by 0.4%.

In February, capacity use decreased by 0.1% to 75.4 from 75.5%. The industrial sector accounts for about 12% of the US GDP.

According to economists, growing US producer prices for the fourth month in a row will make inflation accelerate gradually. Producer prices rose by 0.3% in February after climbing by 0.6% in January. This is the highest level since September 2012.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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