Industrial Production Rose 0.5% in February
Washington, DC, March 17, 2022-Total industrial production rose 0.5% in February to a level that is 103.6% of its 2017 average, according to the Federal Reserve.
Manufacturing output increased 1.2% after having been little changed in each of the previous two months. In February, the index for utilities declined 2.7%, and the output of mines edged up 0.l%.
Total industrial production in February was 7.5% higher than its year-earlier level, but severe winter weather in February 2021 significantly suppressed industrial activity that month. A more useful comparison shows that the index has advanced a still-strong 4.2% since January 2021. Capacity utilization for the industrial sector increased 0.3 percentage point in February to 77.6%, a rate that is 1.9 percentage points below its long-run (1972–2021) average.