Mubasher: US industrial production growth saw a meagre gain in February, as a rise in utilities and mining wiped out the second consecutive monthly drop in manufacturing, data by the Federal Reserve Bank showed on Friday.
Industrial production, a gauge of factory, mining and utility output, edged up 0.1% last February, after a 0.6% drop in January was upwardly revised to 0.4%.
However, production at US factories, which accounts for 75% of the country’s overall industrial output, declined 0.4% last month, while over the 12 months ended February, manufacturing output dropped 1%.
On the other hand, utility output climbed 3.7% on larger usage of electricity, while mining activity expanded 0.3%.
Total industrial production rose 3.5% year-on-year in February.
Omitting motor vehicles and auto parts, manufacturing output edged down 0.2% in February.
Capacity utilisation, which reflects the constraints to operating factories, mines and utilities in the US, ticked down 0.1% to 78.2% during the month.
By 1:57 pm GMT, the EUR/USD pair rose 0.23% to $ 1.1330.