Industrial Production Fell 0.1% in January

Industrial production fell 0.1% in January after an upwardly revised 0.4% increase in December, according to the Federal Reserve.

Manufacturing output was unchanged for the second consecutive month. Production of durable goods increased 0.5%, while nondurable goods production was unchanged. Capacity utilization for manufacturing was unchanged at 76.2%, a rate that is 2.1 percentage points below its long-run average.

The output of mining declined 1.0% after falling 0.4% in December. The index in January was 8.8% higher than its year-earlier level.

Utilities rose 0.6% in January, after growing 4.6% in December. The index in January was 10.8% higher than its year-earlier level.

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About Stephen Newton

Stephen Newton is an economic research associate at ABA.