US industrial production flatlines in February
By Alexander Bueso
Date: Friday 17 Mar 2023
(Sharecast News) - US industrial output flatlined last month with weakness centred in the mining sector.
According to the US Department of Commerce, industrial production was unchanged in February in month-on-month terms (consensus: 0.2%).
Softness last month centred on Mining, where production declined by 0.6%, while in manufacturing it rose by 0.1% and that from Utilities was up by 0.5%.
Manufacturing was down by 1.0% on the year with 'other factory' output - publishing and logging that is - down by 1.5%, according to Commerce.
Computer and electronics production grew by 1.2%, for the largest gain within durables, and that of nonmetallic mineral products recorded the biggest loss of 0.5%.
By major market groups, production of consumer goods increased by 0.2% on the month and that of materials by 0.1%.
Business equipment output on the other hand dipped by 0.2% versus January and that from construction fell by 0.3%.
Total industrial output was down by 0.2% year-on-year and capacity utilisation was unchanged on the month at 78.0%.
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