Posted February 17, 2021

January industrial production increased 0.9 percent

Industrial production increased 0.9 percent in January.

Manufacturing output rose 1.0 percent, about the same as its average gain over the previous five months. Mining production advanced 2.3 percent, while the output of utilities declined 1.2 percent. At 107.2 percent of its 2012 average, total industrial production in January was 1.8 percent lower than its year-earlier level. Capacity utilization for the industrial sector increased 0.7 percentage point in January to 75.6 percent, a rate that is 4.0 percent below its long-run (1972–2020) average.

Durable and nondurable manufacturing recorded advances of 0.9 percent and 1.2 percent, respectively, while other manufacturing (publishing and logging) posted a decrease of 0.8 percent. Among durables, many sectors experienced gains of between 1 and 2-1/2 percent. The largest gain, 3.9 percent, was posted by primary metals, while the only losses were posted by nonmetallic mineral products and by motor vehicles and parts. The output of motor vehicles was held down by a global shortage of semiconductors used in vehicle components. Most nondurable sectors recorded growth rates in the 1 to 2 percent range. The only exceptions were the indexes for paper and for printing and support, which both declined a bit more than 1/2 percent.

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