News

Industrial Production Gains Steam in January

0

Industrial production picked up in January after the slight contraction in December, driven mainly by the utilities sector.

Source: Federal Reserve

Total industry production grew by 1.4%, indicating a rebound from the -0.1$ in December. Production growth from January 2021 to the same month this year was recorded at 4.1%.

The utilities sector recorded production growth of 9.9%, followed by the mining sector which grew by 1.0%, and manufacturing which inched up by 0.2%. Both utilities and manufacturing posted a contraction in the previous month.

In terms of market groups, consumer groups recorded the biggest climb with 2.2%, followed by materials with 1.5% and business equipment up by 0.1%. The only decline was recorded in construction which fell by 1.3%.

Total industry production for the month was 2.1% higher than the levels in February 2020 prior to the COVID-19 pandemic, with capacity utilization for the industrial sector up 1.0 percentage points to 77.6%.

An increase was recorded in appliances, furniture, and carpeting, while a decline was recorded in automotive products and in miscellaneous goods.

fxcoach

Euro Area Industrial Production Jumped in December, Topping Estimates

Previous article

US Manufacturing and Trade Sales Slip in December as Inventories Increase

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in News