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U.S. Industrial Output Down in February

The nation's industrial production dropped in February, according to the U.S. Federal Reserve. Output at U.S. factories, mines, and utilities declined 1.4 percent, slightly worse than the 1.2 percent average prediction by industry analysts. The drop included a 0.7 percent fall in manufacturing output, which occurred even though production at automotive plants rose due to factories reopening after extended shutdowns in January. The amount of factory capacity in use fell to 70.9 percent, matching the lowest level since the Fed began keeping records in 1967. Outside of manufacturing, the output of mines dropped 0.4 percent and output from utilities dropped 7.7 percent, due in large part to above-average temperatures in much of the nation.

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