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2/14, 3:16 PM (Source: TeleTrader)
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US industrial production down 0.3% in January

Industrial production in the United States decreased by 0.3% month-on-month in January, missing the estimates that saw it falling 0.2% on a monthly basis, the Federal Reserve said in a report on Friday. On an annual scale, industrial production was down 0.8%.

Among major market groups, the largest increase was recorded in construction, rising 1%, followed by nonindustrial supplies which registered a rise of 0.6%. Business equipment production took the biggest hit, sliding 2.6%, mostly due to the slowdown in aircraft production.

Broken down by industry, utilities suffered the most, dropping 4%, with electric and natural gas utilities posting declines of 3.2 percent and 7.7 percent, respectively. Meanwhile, an increase was registered in mining with a 1.2% jump.

Capacity utilization for manufacturing edged down 0.1% in January, reaching 75.1%, as many as 3.1% below its long-run average.

Breaking the News / GG