Industrial Production Declined 0.1% in January

Washington, DC, February 15, 2024-Industrial production edged down 0.1% in January after recording no change in December, according to the Federal Reserve. 

In January, manufacturing output declined 0.5% and mining output fell 2.3%; winter weather contributed to the declines in both sectors. The index for utilities jumped 6.0%, as demand for heating surged following a move from unusually mild temperatures in December to unusually cold temperatures in January. At 102.6% of its 2017 average, total industrial production in January was identical to its year-earlier level. Capacity utilization for the industrial sector moved down 0.2 percentage point in January to 78.5%, a rate that is 1.1 percentage points below its long-run (1972–2023) average.