US factory output posts solid rebound in February
Print Edition
US factory output rebounded strongly in February after harsh winter storms caused a steep drop-off in production in January. Manufacturers produced more autos, home electronics and chemicals.
The Federal Reserve said yesterday that factory production surged 0.8 percent, nearly reversing a 0.9 percent plunge in January that was due mainly to weather. February’s increase was the largest in six months.
The figures suggest that factories are set to boost output and drive more economic growth as the weather improves.
Overall industrial production, which includes manufacturing, mining and utilities, climbed 0.6 percent in February, the biggest increase since September. Industrial production had decreased 0.2 percent in January.
Utility output dipped 0.2 percent despite the cold weather. The drop came after a sharp 3.8 percent jump in January.
Auto production rose 4.6 percent after falling 5.1 percent in January. Home electronic output gained 0.7 percent, and food output rose about 1 percent.
Factories ran at 76.4 percent of capacity, up one-half of a percentage point over the month and 2.3 percentage points below the long-run average.
Manufacturing and the broader economy may be emerging from a winter slump. A rebound in factory output could boost growth in the coming months.
A private survey this month found that manufacturers received more orders in February even as production declined.
The Institute for Supply Management, a trade association of purchasing managers, said its overall index of manufacturing activity rose to 53.2 in February from 51.3 in January.
Americans spent more at retail stores in February after pulling back in December and January.
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