Industrial production increased last month

Industrial production increased 0.2 percent in February amid a rise in mining, according to the Federal Reserve. The rise in industrial production was smaller than the 0.7 percent increase in January..Manufacturing output increased 0.2 percent last month, while the index for mining grew 0.8 percent. Utilities output was down 0.6 percent amid a significant drop in natural gas demand caused by warmer weather. The output of utilities dropped 0.6 percent in February amid no change in the index for electric utilities and a 4.7 percent decrease in the natural gas utilities index. The output of publishing and logging manufacturing increased 1.3 percent. Manufacturing capacity utilization remained flat last month at 75.6 percent, 2.6 percentage points below its long-term average. The mining operating rate increased 0.7 percentage point to 73.0 percent. At 102.6 percent of its 2017 average, total industrial production last month was 1.4 percent higher than its year-earlier mark. Capacity utilization remained at 76.3 percent, 3.1 percentage points under its long-term average. “Durable manufacturing output edged up 0.1 percent, with mixed results across categories,” the Federal Reserve stated. “The index for motor vehicles and parts posted the largest gain, and the index for machinery posted the largest loss. Nondurable manufacturing output rose 0.2 percent, with gains in the production of chemicals, of plastic and rubber products, and of paper products outweighing declines in the output of petroleum and coal products and of food, beverage and tobacco products.” The output of durable consumer goods increased 0.4 percent, with rises in the production of automotive products, appliances, furniture, carpeting and miscellaneous items. The index for nondurable consumer goods edged down 0.1 percent, with the non-energy part increasing 0.3 percent. The energy component fell 1.4 percent. The production of business equipment increased 0.2 percent, with rises in the indexes for transit and information processing along with a drop in the output of industrial and other equipment. The index tracking construction supplies dropped 0.2 percent, while the index for business supplies increased 0.1 percent. Materials production increased 0.3 percent.