A report released by the Federal Reserve on Friday revealed a marginal upswing in U.S. industrial production in February, as manufacturing and mining sectors recovered from weather-impacted declines seen in January.
Industrial production recorded a 0.1% increase in February, after observing a downward revision of 0.5% in January, according to the Federal Reserve. This was contrary to the economists’ forecast, which expected industrial production to remain steady, in view of the previously reported 0.1% decrease in the preceding month.
In spite of manufacturing output rising by 0.8% and mining output experiencing a high of 2.2%, these gains were significantly offset by a sharp 7.5% drop in utilities output.
