Industrial production in the nation was down 0.5% in February while capacity utilization fell to 80.9, according to data released by the Federal Reserve Board yesterday.
The drop in production level followed a 0.1% increase the previous month, while January capacity use was 81.5.
IFR Markets had forecast a 0.1% decrease in production, and an 81.3% level for capacity utilization.
“Much of the decrease ... resulted from a weather-related drop of 3.7% in the output of utilities,” the Fed said. “In the manufacturing sector, output decreased 0.2% ... declines were fairly widespread across industries. The output of mines moved up 0.4%. At 113.7% of its 2002 average, total industrial production was 1.0% above its year-earlier level. The capacity utilization rate for total industry in February fell 0.6 percentage point, to 80.9%, the lowest rate since November 2005.”