Industrial production edged down 0.1% in January, according to the Federal Reserve. December’s reading was revised downward to 0.0% and November’s reading was revised upward to 0.3%, and readings for previous months mostly remained unchanged. Total industrial production in January was unchanged compared to the January 2023 level. Capacity utilization decreased 0.2 percentage points (pp) to 78.5%, a rate that is 1.1 pp below its long-run (1972-2023) average.
Manufacturing output decreased 0.5% following remaining unchanged at 0.1% in December and is 0.9% below January 2023 levels. Excluding motor vehicles and parts, factor output declined 0.4% in January. There were increases in the indexes for printing and support (1.6%), electrical equipment, appliances, and components (1.5%), aerospace and miscellaneous transportation equipment (1.5%), and computer and electronic products (0.9%), while there were decreases in the index for petroleum and coal products (-3.7%), paper (-1.9%), and chemicals (-1.3%).
Production of durable goods increased 0.2%, while nondurable goods decreased 0.7% in January. Capacity utilization for manufacturing fell 0.5 pp to 76.6%, which is 1.6 pp below its long-run (1972-2023) average.
Mining output decreased 2.3% in January, following a 0.9% increase in December. The index in January was 1.2% below its year-earlier level.
Utilities increased 6.0% in January, following a 1.7% decrease in December. The index in January was 9.0% above its year-ago level.
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