US industrial production fell in February, dragged lower by declines in mining, hit hard by falling energy prices, and in utilities amid unseasonably warm weather, the Federal Reserve reported Wednesday.
Total (Swiss: FP.SW – news) industrial output fell 0.5 percent in February, more than the 0.3 percent decline analysts expected.
Overall industrial output was down 1.0 percent from the year-earlier level.
The broad picture of US industry showed continued weakness in mining production as companies cut back in the face of low oil and natural gas prices. Mining output dropped 1.4 percent in February and has fallen by an average of 1.3 percent per month over the past six months.
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Utilities, which had roared into action in January as severe winter weather raised demand for heating and electricity, geared output down by 4.0 percent as temperatures swung higher in February.
Manufacturing was the only industry posting a gain, rising 0.2 percent for the second straight monthly gain. Manufacturing, which accounts for about 75 percent of US industrial production, has been grappling with a strong dollar that weighs on exports (Other OTC: UBGXF – news) .
