- Industrial production in the US fell significantly in February amid severe weather conditions.
- A slight increase was expected.
The industrial production in the United States contracted 2.2% in Februarythe US Federal Reserve reported on Tuesday. This reading followed the January expansion of 1.1%. It was below the market expectations of an increase of 0.6%.
“The severe winter weather in the south-central region of the country in mid-February accounted for most of the drops in production for the month,” the report read. Compared to a year ago, production in February was 4.2% lower.
The utilizcapacity ation for the industrial sector it decreased 1.7% in February to 73.8%, a rate that is 5.8% below the long-term average (1972-2020) “.
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