WASHINGTON - Industrial production edged up 0.1% in February, the eighth consecutive monthly increase, but the growth was constrained partly due to winter storms during the month, the Federal Reserve Board reported today.
Capacity utilization increased to 72.7%, the fourth consecutive monthly increase and the highest level since December 2008.
Economists expected industrial production to fall 0.1% and a 72.6% capacity utilization level, according to the median estimate from Thomson Reuters.
Production for January was unrevised at a 0.9% increase. Capacity utilization was revised lower to 72.5% from the 72.6% reported last month.
For the year ending in February, industrial production increased 1.7%. Production fell 9.8% in calendar year 2009.
February’s manufacturing production decreased 0.2% following a 0.9% increase in January. Mining production increased 2.0%.
Consumer goods production fell 0.4% and durable goods production dropped 2.3% for the month.
