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US industrial production down 0.3% in January

UNITED STATES (OBSERVATORY NEWS) — Industrial production in the US in January fell by 0.3%, because off-season warm weather constrained production in the utilities sector, reports Reuters.

At the same time, the aircraft manufacturer Boeing slowed down the production of civilian aircraft, the US Federal Reserve System (FRS, Central Bank) said.

The agency said that industrial production in January fell by 0.1%, which is in line with forecasts, but production in December was revised down to 0.1%, although earlier it was reported an increase of 0.2%.

The total industrial production for December was revised down to 0.4% from a previously reported decline of 0.3%.

Economists surveyed by Reuters forecast that industrial production in January will fall by 0.2%, while the forecast for manufacturing in the manufacturing sector will drop by 0.1%.

In annual terms, production in factories in January fell by 0.8%, which reflects the annual decline in total industrial production.

The production of aerospace and other transport equipment in January fell by 7.4% after rising 0.5% in December, the Fed said. The fall reflects Boeing’s discontinuation of the 737 MAX.

The utilization of production capacities at plants, mines and utilities decreased from 77.1% in December to 76.8%, the lowest level since September 2017.

U.S. utilities production fell 4% in January after dropping 6.2% in December, while mine production rose 1.2% in January after rising 1.5% in December.

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