WASHINGTON — Industrial production dipped 0.1% in January after rising a revised 0.4% the previous month, while capacity utilization ticked down to 79.1% from a revised 79.3%, the Federal Reserve reported Friday.
December's industrial production was originally reported as a 0.3% upswing, while capacity use was originally estimated at 78.8%
The January production decline was a bit off from the more optimistic expectations of economists polled by Thomson Reuters, who projected a 0.2% increase. Estimated capacity utilization was just above their prediction of 78.9%.
Manufacturing output was down 0.4% for January following a 1.1% increase the previous month. Utilities surged 3.5% after a sharp 4.5% drop caused by an unseasonably warm December. In January, they recovered "as demand for heating was boosted by temperatures that fell closer to their seasonal norms," the Fed reported.
