US industrial production edges higher on rise in manufacturing, mining
US INDUSTRIAL production ticked higher in February, aided by an increase in manufacturing and mining, the Federal Reserve said on Friday (Mar 15), although earlier data was revised lower.
Production rose 0.1 per cent in February, following a revised fall of 0.5 per cent in January, the Fed announced in a statement.
This was slightly above market expectations of no monthly change, according to Briefing.com. But given the sharp downward revision for both December and January, the index remains lower than it was a year ago.
Much of February’s rise was down to a 0.8 percent rise in manufacturing output, and a 2.2 increase in the index for mining.
“Both gains partly reflected recoveries from weather-related declines in January,” the Fed said, adding that the “warmer-than-typical” month also helped push down the utilities index.
“Overall industrial production was slightly better than expected and manufacturing surprised to the upside in February,” High Frequency Economics chief US economist Rubeela Farooqi said in a statement.
She added that the manufacturing sector “continues to face headwinds from higher borrowing costs and tighter credit conditions.” AFP
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