Industrial Production Flat In January
WASHINGTON, Feb. 15 (UPI) — Industrial production was flat in January with a gain in manufacturing offset by declines in utilities and mining, the U.S. Federal Reserve said Wednesday.
Manufacturing rose 0.7 percent, while production at utilities fell 2.5 percent in the month, as a mild winter has decreased demand for heating. Output at mines fell 1.8 percent, the Fed said.
Capacity utilization — measuring production as a percentage of manufacturing, mining and utilities operating at full steam — dropped to 78.5 percent in the month, which is 1.8 percentage points below its long-term average, the Fed said.
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