WASHINGTON - Industrial production rose 0.9% in January while capacity utilization increased to 72.6%, the Federal Reserve Board reported today.
The gain in industrial production was the largest since August. Capacity utilization is at its highest since December 2008.
Economists had expected industrial production to rise 0.7% and a 72.6% level for capacity utilization, according to the median estimate from Thomson Reuters.
Production for December was revised higher to an increase of 0.7% from 0.6% reported last month. Capacity utilization was revised slightly lower to 71.9% from 72.0% for the month.
The production index for consumer durables increased 2.7% led by auto products, which jumped 5.1%.
Manufacturing output rose 1.0% after slipping 0.1% in December. Output of business equipment increased 0.9%. Information processing equipment increased 1.7%, the third consecutive month increasing more than 1.0%.
Utilities production increased 0.7% following an upwardly revised 6.3% increase in December.
