U.S. industrial production flat in February as utilities' output falls

20 March, 2017, 08:15 | Author: Leticia Walters
  • U.S. industrial production flat in February as utilities' output falls

With a steep drop in utilities output offsetting a jump in mining output, the Federal Reserve released a report on Friday showing that US industrial production came in flat in the month of February.

Multiple manufactured product lines saw increases of one percent and higher including machinery, plastic, paper and metal products, pushing total manufacturing output up 0.5 per cent compared to January, the same increase as the prior month. Economists surveyed by The Wall Street Journal had expected the index to climb 0.2%. Manufacturing output ex-autos rose 0.4% in February, after a 0.6% January gain, the average increase over the previous three months was 0.2%.

US factories cranked out more autos, steel and computers in February, the sixth straight monthly increase in manufacturing output.

Looking more closely at the February manufacturing data, durable and nondurable goods production was up 0.6 percent and 0.4 percent, respectively.

Factory output was 1.2% ahead year-on-year in February.

Mining production, which includes oil drilling, increased 2.7 percent, reflecting another solid gain in oil and gas well drilling.

Factories are benefiting from greater consumer and business optimism since the elections.

The report also said capacity utilization for the industrial sector edged down to 75.4 percent in February from a revised 75.5 percent in January. Industrial output has been in an up-and-down pattern since last fall. The prior month was revised to a 0.1 percent drop from a previously reported 0.3 percent decline. Officials at the Fed tend to look at capacity use as a signal of how much "slack" remains in the economy and how much room there is for growth to accelerate before it becomes inflationary.

Recommended:

  • Galaxy S8 to use facial recognition for payments

    Notably, Apple has already used pressure sensitivity as "3D Touch" in its iPhone 7 which was also developed by Samsung Display. These new screenshots seem to confirm the rumour that Samsung will drop the physical Home Button from the front of the device.

    Wouldn't Be Here Right Now If Not For Twitter: Donald Trump

    Fox News , known for its conservative opinions, nonetheless quickly denied that it had any reporting to support Trump's claim. The first denounced " the FAKE NEWS " for what he said was mistaken coverage of a "GREAT" meeting with Merkel.
    London man killed after charging iPhone

    London man killed after charging iPhone

    Police Chief Craig Pattinson says,"We found an iPhone plugged into the extension cable and then the charger element in the bath". He also intends to write reports to Apple to look into such matters and at least attach warnings to avoid further incidents.
  • Trump prods Germany over North Atlantic Treaty Organisation

    Merkel's visit to Washington followed Irish Prime Minister, Enda Kenny's meeting with Trump on Thursday. If you're going to make sure you shake a hand with a global dignitary, she's the one you want to grip.

    'New info' in Obama-Trump spy probe not changing any minds

    Collins is a member of the Senate Intelligence Committee, which gives her access to classified intelligence operations. But Schiff, the panel's top Democrat, said there was enough "circumstantial evidence" that he still had questions.
    Xiaomi to launch offline preorder services for Note 4 this month

    Xiaomi to launch offline preorder services for Note 4 this month

    The company will also be selling the Redmi Note 4 at large format retailers in Delhi, Jaipur and Chandigarh from 16 to 21 March. Also, if you can remember, both Redmi 4 and Redmi 4A were accompanied by Redmi 4 Prime during the launch event in China.
  • Massive Opening Weekend For

    Massive Opening Weekend For "Beauty And The Beast"

    The film, directed by Oscar victor Bill Condon and based on the 1991 animated film, cost 160 million USA dollars to make. Last week's top film, Warner Bros.' " Kong: Skull Island ", slid to second place with $28.9 million in its second week.

    Trump, Merkel try to sidestep differences in first meeting

    One German official telling Reuters that Merkel's been coached on the idea that Trump prefers to hear "clear positions" but with "few details".
    Ryan McBride of Derry City dies at the age of 27

    Ryan McBride of Derry City dies at the age of 27

    McClean's wife Erin posted a picture of McBride on Twitter along with a broken heart emoji and wrote: "No words". An absolute warrior on the pitch. "Thoughts with his family and friends".
  • Idea-Vodafone announce merger; combined entity to be biggest teleco in India

    The merged company will be the largest with about 387 million users in the country. The promoters of Idea Cellular have the sole right to appoint the chairman.
    Kentucky lawmakers approve charter school legislation

    Kentucky lawmakers approve charter school legislation

    As CEO of the Northeast Charter Schools Network, the state association for charters, I'd like to set the record straight. Sometimes, the most precious words we can hear from the committee rooms of the state Legislature are "the no's have it".
    Kendall Stanley - Bye-bye health care

    Kendall Stanley - Bye-bye health care

    Though facts mean little to President Donald Trump, opponents of the GOP plan should stick to them and put them in context. Economist Gail Wilensky sees a middle way between supporters and detractors of the bill's treatment of Medicaid.


Popular

Waiting For April The Giraffe To Give Birth (Live Link)
Physically, handlers said April's appetite is strong, and her belly has noticeably dropped further. Watch the live stream below (NOTE: weather conditions may cause intermittent disruptions).

Luis Enrique blames Barca defeat on European exploits
We are not machines and after Wednesday's effort it made it hard to compete". We have to accept this defeat and remember there's a lot of games left".

Uber president quits in response to controversies
The company is also being sued by Alphabet, the parent company of Google, for allegedly stealing self-driving technology. Last month, Uber employees spoke with CNNTech about the company's culture and work-life balance - or lack thereof.

Jets meeting with free agent QB Josh McCown
This is a potential sign that McCown could join the Jets as their third quarterback (and likely Week 1 starter in 2017). According to sources free-agent quarterback Josh McCown will meet with the New York Jets on Friday and Saturday.

Manchester City vs Liverpool
We usually win good games, but the bad games and the average games we need to be challenging too. "That is why I am so happy". The victory by Spurs ensured that Chelsea's lead at the summit of the EPL table is back to 10 points.