
Unexpected Growth in Industrial Output
In a recent report released by the Federal Reserve's Board of Governors, it was revealed that the United States experienced a 0.7% increase in industrial production in February. This growth surpassed the expectations of analysts, signaling a robust industrial sector.
Manufacturing and Mining Lead the Charge
Manufacturing output saw a significant rise, with a 0.9% increase from the previous month and a 0.7% increase compared to February 2024. The mining sector also showed impressive growth, climbing by 2.8% on a monthly basis, although it remained stable when compared to the previous year.
Utilities Sector Takes a Hit
Contrary to the positive trends in manufacturing and mining, the utilities sector faced a downturn, with a 2.5% decrease from the prior month. However, it did see an 8.7% increase compared to the same period last year, indicating a volatile yet growing sector.
Capacity Utilization on the Rise
Capacity utilization reached 78.2% in February, marking a 1.3% increase on an annual basis. Despite this growth, it still lags 1.4 percentage points behind its long-run average, suggesting room for further improvement.
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