The Federal Reserve recently reported an unexpected slight decrease in U.S. industrial production in January. Contrary to economist forecasts of a 0.3 percent increase, industrial production slipped by 0.1 percent.
Furthermore, revised data also revealed that there was no change in industrial production in December, in contrast to the previously reported 0.1 percent increase.
The surprising January downturn is attributed to reduced manufacturing output, which fell by 0.5 percent, and a significant 2.3 percent decline in mining output. Harsh winter weather conditions played a role in the decline in both these sectors.
