Posted February 18, 2019

Industrial production declined in January

Industrial production decreased 0.6 percent in January after rising 0.1 percent in December.

In January, manufacturing production fell 0.9 percent, primarily as a result of a large drop in motor vehicle assemblies; factory output excluding motor vehicles and parts decreased 0.2 percent. The indexes for mining and utilities moved up 0.1 percent and 0.4 percent, respectively. At 109.4 percent of its 2012 average, total industrial production was 3.8 percent higher in January than it was a year earlier.

Manufacturing output decreased 0.9 percent in January to a level that was, nonetheless, 2.9 percent above a year earlier. The output of durable goods moved down 1.7 percent because of a sizable drop for motor vehicles. The index for motor vehicles and parts fell 8.8 percent, as vehicle assemblies fell from 12.3 million units at an annual rate in December (their highest monthly pace since June 2016) to 10.6 million units in January (their lowest reading since May 2018). Most other major durable goods industries also recorded decreases; only fabricated metal products and furniture posted gains.

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