Industrial Production Flat in January

Washington, DC, Feb. 15, 2012 -- U.S. industrial production was flat in January, but the increase in December was much larger than initially reported, according to the Federal Reserve.

January industrial production was unchanged, as a 0.7% increase among manufacturers was offset by declines in mining and utilities.

However, the rise in production in December was revised up sharply — to 1.0% expansion from an original reading of 0.4%.

The latest figures put production 3.4% above year-ago levels.

Companies that make consumer goods cut output by 0.1%, while construction companies and producers of materials both reduced production by 0.4%.