Industrial production slipped in January on declines in manufacturing and mining output, after the Federal Reserve found the final two months of last year were stronger than initially estimated
Industrial production slipped 0.1% in January, the Fed said, after gains of 1.4% in November and 0.4% in December
The Fed had initially estimated gains of 1% in November and 0.3% in December
Economists polled by MarketWatch had forecast a 0.2% pick-up in January output
Capacity utilization also fell in January, to 79.1% from an upwardly revised 79.3% in December
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The survey’s negative reading indicates that a larger percentage of respondents said there was a decrease in the level of general business activity than the percentage who said there was an increase. There were declines in overall activity and new orders, but a slight gain in shipments, according to the Philly Fed.
In a separate survey, Markit said its manufacturing activity gauge for the U.S. showed a slower expansion this month because of weaker new orders and employment
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