US industrial production rose 0.1% in February, vs 0.4% increase expected
U.S. manufacturing output fell for a second straight month in February, offering further evidence of a sharp slowdown in economic growth early in the first quarter.
Economists polled by Reuters had forecast manufacturing output rising 0.3 percent in February. Production at factories increased 1.0 percent in February from a year ago. February's drop in manufacturing production added to soft reports ranging from retail sales to housing in suggesting the economy lost significant momentum early in the first quarter. Goldman Sachs is forecasting gross domestic product will rise at a 0.6 percent annualized rate in the first quarter. The economy grew at a 2.6 percent pace in the fourth quarter.
The drop in manufacturing output was offset by gains in utilities and mining, leading to a 0.1 percent rise in industrial production in February. Industrial output fell 0.4 percent in January.
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