Area Development
U.S. industrial production was down sharply in January, according to figures from the U.S. Federal Reserve. Manufacturing fell 1.8 percent, more than the average industry prediction of 1.5 percent. At the same time, the Fed revised the decline for December to 2.4 percent, more than the original figure of 2.0 percent. Production in January was 10 percent below that of January 2008. Production of consumer goods fell 1.8 percent, with durable goods down 10.5 percent; production of motor vehicle assemblies fell 40 percent. Sectors with positive numbers included miscellaneous manufacturing, up 0.3 percent; and food and tobacco products, up 0.6 percent.