US factory production declines for first time in three months
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US FACTORY production decreased in January for the first time in three months, reflecting declines in the output of motor vehicles, machinery and metals.
The 0.5 per cent decrease in factory output followed a 0.1 per cent gain a month earlier, Federal Reserve data showed on Thursday (Feb 15). Total industrial production, which includes mining and utilities, fell 0.1 per cent in January.
Production of motor vehicles and parts slipped 0.2 per cent after rebounding strongly in the prior two months after the United Auto Workers’ strike ended in October.
Excluding autos, manufacturing decreased 0.6 per cent from December, the most since March. It also marked the fourth-straight monthly decline.
Recent surveys, however, suggest the worst of the malaise is drawing to an end. The Institute for Supply Management’s factory index climbed to a 15-month high in January as the largest share of purchasing managers since April reported higher orders.
Still-high borrowing costs and sluggish export markets risk thwarting a sustained improvement in manufacturing. BLOOMBERG
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