Keeping you up to date on the latest data releases.
- Industrial Production
Industrial production increased 0.7 percent (nonannualized) in February, following no change in January. The near-term trend (three-month annualized percent change) slowed from 7.6 percent in January to 4.1 percent; on a year-over-year basis, overall production is up 2.5 percent. Manufacturing production jumped 0.8 percent for the month while the year-over-year growth rate rests at 2.0 percent. Breaking down the manufacturing sector, durable and nondurable goods increased 1.2 percent and 0.3 percent, respectively. Within durable goods manufacturing, motor vehicles and parts posted the largest increase, jumping 3.2 percent in February which helps to offset January’s decline of 4.9 percent. Fabricated metals also posted a notable increase in output following a sluggish fourth quarter, rising 2.0 percent. Overall capacity utilization jumped 0.4 percentage points to 79.6 percent of capacity which is now 0.6 percentage points below is long run average.