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ECON: Industrial Production Higher Than Expected
Posted to: Micro News
Friday, March 15, 2013 9:19 AM
- Output +0.7 vs +0.4 consensus, 0.0 in Jan
- Capacity Use Rate 79.6 vs 79.3 consensus
- Manufacturing +0.8 vs -0.3 in Jan
- Market Reaction: Little, if any. MBS still unchanged on the day.
Industrial production increased 0.7 percent in February after having been unchanged in January. Manufacturing output rose 0.8 percent in February, and the index revised up for the previous two months. In February, the output of utilities advanced 1.6 percent, as temperatures for the month were near their seasonal norms after two months of unseasonably warm weather. The production at mines declined 0.3 percent, its third consecutive monthly decrease. At 99.5 percent of its 2007 average, total industrial production in February was 2.5 percent above its level of a year earlier. The capacity utilization rate for total industry increased to 79.6 percent, a rate that is 0.6 percentage point below its long-run (1972--2012) average.
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