Financial News: U.S. Industrial Production Rises 0.2% In February, Slightl

U.S. Industrial Production Rises 0.2% In February, Slightly More Than Expected

(RTTNews) - A report released by the Federal Reserve on Monday showed industrial production in the U.S. increased by slightly more than expected in the month of February.

The Fed said industrial production rose by 0.2 percent in February after climbing by 0.7 percent in January. Economists had expected industrial production to inch up by 0.1 percent.

The bigger than expected increase in industrial production came as mining output grew by 0.8 percent in February after climbing by 0.9 percent in January.

Manufacturing output also edged up by 0.2 percent in February after increasing by 0.8 percent in January, while utilities output fell by 0.6 percent in February after inching up by 0.1 percent in January.

"Industrial production was slightly better than anticipated in February, but this report is only a prewar snapshot," said Bernard Yaros, Lead U.S. Economist at Oxford Economics. "Manufacturing is at risk from higher energy prices, which will crimp aggregate demand via a real income shock and uncertainty."

"Mining production will respond to higher energy prices in the next months," he added. "However, a pickup in oil & gas investment will not offset the drag on the broader economy from the oil price shock."

The Fed also said capacity utilization in the industrial sector came in at 76.3 percent in February, unchanged from an upwardly revised reading in January.

Economists had expected capacity utilization to come in unchanged compared to the 76.2 percent originally reported for the previous month.

While capacity utilization in the mining sector rose to 85.0 percent, capacity utilization in the manufacturing sector was unchanged at 75.6 percent and capacity utilization in the utilities sector dipped to 73.0 percent.

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