US industrial production falls 0.3% in January

US industrial output fell 0.3 per cent in January in a surprise downturn, partly due to severe weather in parts of the country last month, the Federal Reserve said today.
The Fed's industrial production index fell to 101.0, the same level as November, with a 1.0 per cent drop in construction activity leading a downturn in all major market groups.
Among industry groups, utilities were the only gainer, due to a rise in heating demand in many areas hit by major winter storms.
The Fed also cut its previous estimate of manufacturing growth during the fourth quarter of 2013. It said manufacturing expanded at a 4.6 per cent annual rate, instead of the previously estimated 6.2 per cent.

The January index level for industrial output was 2.9 per cent above a year earlier. Industrial capacity utilisation fell to 78.5 per cent, still 1.6 percentage points below the long-run average.