Industrial production in the U.S. increased in line with economist estimates in the month of February, according to a report released by the Federal Reserve on Thursday.
The report showed industrial production rose by 0.5 percent in February after jumping by 1.4 percent in January. Economists had expected to production to climb by 0.5 percent.
The continued increase in production came as manufacturing output jumped by 1.2 percent in February after having been little changed in each of the previous two months.
Mining output also inched up by 0.1 percent in February after surging by 1.3 percent in January, while utilities output slumped by 2.7 percent in February after spiking by 10.4 percent in January.
The Fed said total industrial production in February was up by 7.5 percent compared to a year ago but noted but severe winter weather significantly suppressed industrial activity in February 2021.
“A more useful comparison shows that the index has advanced a still-strong 4.2 percent since January 2021,” the Fed said.
The report also showed capacity utilization in the industrial sector rose to 77.6 percent in February from a downwardly revised 77.3 percent in January.
Economists had expected capacity utilization to increase to 77.8 percent from the 77.6 percent originally reported for the previous month.
Capacity utilization in the utilities sector surged to 75.7 percent in February from 77.9 percent in January, while capacity utilization in both the manufacturing and mining sectors was little changed at 78.0 percent.
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