Industrial production up in February
March 15, 2013
Industrial production increased 0.7% in February after having been flat in January, according to initial Federal Reserve estimates. Manufacturing output was up 0.8% in February, and the Federal Reserve revised the manufacturing index upward for the previous two months. The output of utilities rose 1.6% as as temperatures for the month were near their seasonal norms following two months of unseasonably warm weather. Production at mines dropped 0.3% — the third straight monthly decline. At 99.5 percent of its 2007 average, total industrial production in February was 2.5% above its level of a year earlier. The capacity utilization rate for total industry increased to 79.6% — 0.6 percentage point below its long-run (1972-2012) average.
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