The Federal Reserve Bank announced that manufacturing output moved down 0.2 percent, its third consecutive monthly decline, while industrial production overall remained flat, generating an increase of 0.1 percent.
The rates of change for the total index in January and for manufacturing in both December and January are lower than previously reported.
The production of durable goods moved down 0.6 percent, with widespread losses among its components, and the production of nondurable goods moved up 0.2 percent. The motor vehicles and parts industry posted a loss of 3.0 percent, the largest decrease among durable goods manufacturers; most other industries moved down more than 0.5 percent. Only the aerospace and miscellaneous transportation equipment industry recorded a significant increase in production, advancing 1.2 percent. Among the major nondurable goods industries, gains in the indexes for textile and product mills, for petroleum and coal products, and for chemicals more than offset losses elsewhere. The production of other manufacturing industries (publishing and logging) moved up 0.5 percent.
The capacity utilization rate for manufacturing decreased 0.3 percentage point in February to 77.3 percent, a rate 1.3 percentage points below its long-run average. The operating rate for durable goods manufacturing moved down 0.7 percentage point to 76.9 percent, just below its long-run average, and the operating rate for nondurable goods manufacturing edged up 0.1 percentage point to 79.5 percent, about 1 percentage point below its long-run average. Utilization for other manufacturing (publishing and logging) increased 0.3 percentage point to 57.5 percent. The operating rate for mines dropped 2.6 percentage points to 84.6 percent, while capacity utilization for utilities increased 5.8 percentage points to 84.5 percent.