Energy leads February rebound in US industrial production: Fed
US industry's output surged last month as manufacturers rebounded from a January slump and oil and gas production hit a 45-year high, the Federal Reserve reported.
Factory capacity in use also reached a three-year high but utilities sagged for the month as warmer-than-usual weather reduced demand for power and gas.
After a minor bump, the report pointed to the general health of an economy that continues to churn along steadily.
Industrial production rose 1.1 percent for the month, leaping past analyst expectations for an increase of only 0.3 percent and putting the US 4.4 percent above year-ago levels, according to the Fed.
The index for oil and gas extraction in February was 12 percent higher than its year ago level, putting it at the highest level since records for this measure began 1972. The figures can see major swings from month to month and are subject to significant revision.
The February increase appeared even larger because January suffered a downward revision of two tenths for a monthly decline of 0.3 percent. Manufacturing rose 1.2 percent, the biggest increase four months, while mining output, heavily influenced by oil and gas extraction, added 4.3 percent. The utilities index fell 4.7 percent.
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