Industrial production increased 0.5% in January after a 1% gain in December, according to the Federal Reserve.
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Manufacturing output decreased 0.1% in January, due to a 5.2% decrease in the index for motor vehicles and parts.
Most market groups posted January gains: Consumer goods increased 0.8% with a rise in the production of nondurable consumer goods offsetting the production decline in durable consumer goods. The index for business equipment increased 2.1%, reflecting an increase in civilian aircraft production. Construction supplies declined by 0.2% and business supplies were up by 0.6%.
The mining index fell 1.2% after increasing 2% in December, while the utilities index increased 7.2%, as cold weather increased heating demands.
Capacity utilization increased to 77.8%, a rate 1.8 percentage points below its long-run (1972-2024) average.
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