Industrial production unchanged in February
Industrial production was unchanged in February after having risen 0.4 percent in January.
Manufacturing output increased 0.3 percent in February to a level that was 5.1 percent higher than a year earlier. Production rose 1.1 percent in January, 0.4 percentage point more than reported previously; higher output of food, transportation equipment, and primary metals contributed importantly to the revision. The factory operating rate moved up 0.1 percentage point in February to 77.4 percent, a rate 13.0 percentage points above its trough in June 2009 but still 1.5 percentage points below its long-run average.
“While the Federal Reserve states that industrial production was unchanged in February 2012, there was some good news,” said Daniel J. Meckstroth, chief economist for the Manufacturers Alliance for Productivity and Innovation (MAPI), regarding the Industrial Production report. “Manufacturing production increased 0.3 percent in February. A 1.2 percent decline in mining activity and flat utility production hid a moderate gain in manufacturing in the change in total industrial production.
“Another positive development was that authorities increased the estimate of January’s manufacturing production gain,” he added. “Rather than increasing 0.7 percent, the Fed now says that January manufacturing production increased 1.1 percent. Over the three months ending in February 2012, manufacturing production was 4.8 percent above the same period one year ago and posted a 9.9 percent annual rate of growth compared to the previous three-month period. This is clearly stellar growth."
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
