Manufacturing Flat in January, Fed Reports

Washington, DC, February 15, 2008-- The Federal Reserve said that industrial production rose by 0.1 percent in January, matching the December increase. The January gain was in line with economists' expectations.

Manufacturing output was flat last month, the poorest showing in three months.

Output fell at auto plants and at factories making wood products and furniture, sectors which have been hit hard by the housing slump.

By contrast, output was up at factories producing computers, electronic products and aerospace equipment.

Construction companies cut 27,000 jobs last month and have lost 284,000 since employment peaked in September 2006 as the five-year boom in housing was coming to an end. Factories eliminated 28,000 positions in January, and have cut 269,000 jobs over the past 12 months.