Industrial Production Posts First Increase since July

Industrial production increased 0.9 percent in January, the first increase since July 2015. The Federal Reserve notes that a storm late in the month likely held down January production by a small amount. Total industrial production is now 0.7 percent below the year ago level.

Manufacturing output increased by 0.5 percent amid increases in both durable and nondurable goods production. Within nondurable goods, the largest gains were posted by food, beverage and tobacco products.

The index for utilities jumped by 5.4 percent, amid increased demand for heating this January after an unseasonably warm December.

Mining output was unchanged following four consecutive months of declines. Mining output is now 9.8 percent below year ago levels.

Capacity utilization increased to 77.1 percent, up 70 basis points from December, but 2.9 percent below its long-run average.

Read the Federal Reserve release.