The US industrial output fell for the fourth straight month in February with the factory operating rate dropping to the lowest level in more than a half-century of record keeping.
The Federal Reserve reported today that industrial output dropped by 1.4 per cent last month, slightly worse than the 1.2 per cent decline that economists had expected.
The weakness included a 0.7 per cent fall in manufacturing output, which pushed the operating rate at the nation's factories down to 67.4 per cent of capacity last month, the lowest level on records that go back to 1948.
The drop in manufacturing output occurred even though production at the nation's auto plants actually rose sharply after extended shutdowns in the previous month.
Output in the mining industry, a sector that includes oil and gas drilling, was off by 0.4 per cent and utility plant production plunged by 7.7 per cent, reflecting warmer-than-normal weather in February which cut into demand.
Production at auto plants and auto parts manufacturers rose 10.2 per cent in February after four straight months of declines including a sharp 24.7 per cent drop in January.
