Industrial production stronger than expected on manufacturing jump

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Industrial production grew 1.1% in February, the Federal Reserve reported Friday.

The increase followed a revised 0.3% decrease in January, first reported as a 0.1% dip.

Capacity utilization rose to 78.1% in February from January’s revised 77.4%, first reported as a 77.5%.

Economists polled by IFR Markets projected a 0.3% increase for industrial production and a 77.7% capacity utilization rate.

Manufacturing output was up 1.2% in February, following a 0.2% drop in January.

Utilities’ output plunged 4.7% after increasing 1.3% in January, while mining was 4.3% higher after a 1.5% decline the month before.

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Economic indicators