Fed Reports Mixed February Production Rates
Industrial production grew a modest 0.1 percent in February, following January's 0.9 percent gain. The Fed attributes the slow growth to winter storms in the Northeast. Manufacturing decreased 0.2 percent in February, as did the production of consumer goods by 0.4 percent, automotive products by 4.4 percent, durable goods output by 0.3 percent, and nondurable manufacturing by 0.1 percent.
The Fed reported some gains, including the output of mines by 2 percent, and industrial and other equipment by 0.3 percent. The Wall Street Journal reports that although manufacturing has rebounded in recent months, growth has been unevenly distributed. Industries associated with the housing market, such as wood products, are still suffering from the recession's effects.
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