Keeping you up to date on the latest data releases.
- Industrial Production
Industrial production went unchanged (nonannualized) in January, following an upwardly revised estimate of 1.0 percent from 0.4 percent in December. On a year-over-year basis, overall production is up 3.4 percent. Manufacturing production increased 0.7 percent after having increased 1.5 percent in December. Breaking down the manufacturing sector, durable goods rose 1.8 percent in January while nondurables fell 0.2 percent. Within durable goods manufacturing, output of motor vehicles and parts continue to be a source of strength jumping 6.8 percent in January following an upwardly revised 3.8 percent growth in December. Elsewhere within durables manufacturing, fabricated metals; machinery; computer and electronic products; electrical equipment, appliances and components; furniture and related products; and miscellaneous manufacturing all increased at rates greater than 1.0 percent. On the down side, mining and utilities slowed 1.8 percent and 2.5 percent, respectively. Interestingly, the decline in mining is the largest monthly decline in the series since March 2009. Utilities continued to slow as warmer than usual temperatures have contained demand for heating. Capacity utilization edged down 0.1 percentage points to 78.5 percent of capacity in January and has increased 16.6 percent since the recession ended.