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U.S. Industrial Production Rose 1% in February, Most Since 2005
By Joe Richter
March 16 (Bloomberg) -- Industrial production in the U.S. rose last month by the most since November 2005, as the return of cold weather fueled demand at the nation's utilities. Manufacturing rebounded.
The 1 percent increase in production at factories, mines and utilities was more than forecast and followed a 0.3 percent January decline, the Federal Reserve's figures showed today. Capacity utilization, which measures the proportion of plants in use, rose to a five-month high of 82 percent from 81.4 percent.
The report suggests factories are making headway in their efforts to reduce inventories, pointing to a rebound in manufacturing that's been a source of weakness for the economy. Improved factory demand backs the Federal Reserve Chairman Ben S. Bernanke's forecast that growth will strengthen in the second half of the year.
``February looks like the month that could indicate that the industrial sector is starting to emerge from its recent slump,'' Brian Bethune, an economist at Global Insight Inc. in Lexington, Massachusetts, said before the report. ``The inventory situation is showing signs of improving.''
Economists had forecast a 0.3 percent rise in industrial production after a 0.5 percent decline initially reported for January, according to the median forecast in a Bloomberg News survey of 72 economists. Estimates ranged from a decrease of 0.2 percent to an increase of 1 percent.
Capacity utilization was forecast to rise to 81.3 percent from a previously reported 81.2 percent, according to the Bloomberg News survey. Manufacturing capacity rose to 80.1 percent from 79.9.
Capacity Utilization
Plant operating rates, an indication of factories' ability to produce goods with existing resources, have averaged about 81 percent over the last three decades. Higher operating rates raise the risk of bottlenecks in production that can force prices higher.
Earlier today, the Labor Department said consumer prices rose 0.4 percent in February after a 0.2 percent rise, reflecting higher costs for fuel, food and medical care. Prices excluding energy and food increased 0.2 percent after a 0.3 percent gain.
Manufacturing, which accounts for about four-fifths of the industrial production report, rose 0.4 percent last month after falling 0.5 percent the prior month.
Utility production surged 6.7 percent, the biggest rise since December 1989, after increasing 2.2 percent in January. Last month was the coldest February since 1994, according to the National Climatic Data Center in Asheville, North Carolina. Capacity at the nation's utilities rose to 90.4 percent, the highest since February 2003.
Mining Increases
Mining output, which includes oil drilling, edged up 0.1 percent last month after falling 1.3 percent.
The manufacture of consumer durable goods, including automobiles, furniture and electronics, rose 1.7 percent in February after falling 2.6 percent in January.
Computer production last month jumped 2.2 percent and home electronics surged 9.9 percent. Auto output rose 3.2 percent.
Other figures have shown a rebound in manufacturing. It grew by the most in five months in February, based on a March 1 report from the Institute for Supply Management. The report showed companies are having greater success getting inventories more in line with sales.
Charlotte, North Carolina-based Nucor Corp., the second largest U.S.-based steel producer, said lower imports and the continued decline of excess inventory will result in healthy demand this year.
Auto Sales
Asian automakers led by Toyota Motor Corp. have been boosting sales and market share as the U.S. companies cut back. Toyota said Feb. 27 said it will build a $1.3 billion plant in Tupelo, Mississippi, to produce sport-utility vehicles. That will be Toyota's eighth assembly plant in North America.
Responses to a question in Fed Bank of Philadelphia's monthly survey of manufacturers ``suggest production is expected to accelerate during the second quarter'' in the area, said Michael Trebing, senior economic analyst at the bank.
Inventories at U.S. businesses rose in January as sales declined by the most in four months, suggesting limited production gains in coming months as companies try to unload existing stockpiles, a government report last week showed.
Companies have also been reining in spending on equipment. A gauge of demand for business equipment dropped by the most in three years during January, while investment in equipment and software fell last quarter by the most since the final three months of 2002.
The U.S. economy may grow at a 2.4 percent annual rate this quarter, and pick up to 3 percent by year's end, according to the median estimate of 75 economists surveyed by Bloomberg News from March 1 to March 7.
The Fed's rate-setting Open Market Committee next meets March 20-21. Economists forecast the Fed to keep the benchmark lending rate at 5.25 percent.
To contact the reporter on this story: Joe Richter in Washington at Jrichter1@bloomberg.net
U.S. Industrial Production Rose 1% in February, Most Since 2005
By Joe Richter
March 16 (Bloomberg) -- Industrial production in the U.S. rose last month by the most since November 2005, as the return of cold weather fueled demand at the nation's utilities. Manufacturing rebounded.
The 1 percent increase in production at factories, mines and utilities was more than forecast and followed a 0.3 percent January decline, the Federal Reserve's figures showed today. Capacity utilization, which measures the proportion of plants in use, rose to a five-month high of 82 percent from 81.4 percent.
The report suggests factories are making headway in their efforts to reduce inventories, pointing to a rebound in manufacturing that's been a source of weakness for the economy. Improved factory demand backs the Federal Reserve Chairman Ben S. Bernanke's forecast that growth will strengthen in the second half of the year.
``February looks like the month that could indicate that the industrial sector is starting to emerge from its recent slump,'' Brian Bethune, an economist at Global Insight Inc. in Lexington, Massachusetts, said before the report. ``The inventory situation is showing signs of improving.''
Economists had forecast a 0.3 percent rise in industrial production after a 0.5 percent decline initially reported for January, according to the median forecast in a Bloomberg News survey of 72 economists. Estimates ranged from a decrease of 0.2 percent to an increase of 1 percent.
Capacity utilization was forecast to rise to 81.3 percent from a previously reported 81.2 percent, according to the Bloomberg News survey. Manufacturing capacity rose to 80.1 percent from 79.9.
Capacity Utilization
Plant operating rates, an indication of factories' ability to produce goods with existing resources, have averaged about 81 percent over the last three decades. Higher operating rates raise the risk of bottlenecks in production that can force prices higher.
Earlier today, the Labor Department said consumer prices rose 0.4 percent in February after a 0.2 percent rise, reflecting higher costs for fuel, food and medical care. Prices excluding energy and food increased 0.2 percent after a 0.3 percent gain.
Manufacturing, which accounts for about four-fifths of the industrial production report, rose 0.4 percent last month after falling 0.5 percent the prior month.
Utility production surged 6.7 percent, the biggest rise since December 1989, after increasing 2.2 percent in January. Last month was the coldest February since 1994, according to the National Climatic Data Center in Asheville, North Carolina. Capacity at the nation's utilities rose to 90.4 percent, the highest since February 2003.
Mining Increases
Mining output, which includes oil drilling, edged up 0.1 percent last month after falling 1.3 percent.
The manufacture of consumer durable goods, including automobiles, furniture and electronics, rose 1.7 percent in February after falling 2.6 percent in January.
Computer production last month jumped 2.2 percent and home electronics surged 9.9 percent. Auto output rose 3.2 percent.
Other figures have shown a rebound in manufacturing. It grew by the most in five months in February, based on a March 1 report from the Institute for Supply Management. The report showed companies are having greater success getting inventories more in line with sales.
Charlotte, North Carolina-based Nucor Corp., the second largest U.S.-based steel producer, said lower imports and the continued decline of excess inventory will result in healthy demand this year.
Auto Sales
Asian automakers led by Toyota Motor Corp. have been boosting sales and market share as the U.S. companies cut back. Toyota said Feb. 27 said it will build a $1.3 billion plant in Tupelo, Mississippi, to produce sport-utility vehicles. That will be Toyota's eighth assembly plant in North America.
Responses to a question in Fed Bank of Philadelphia's monthly survey of manufacturers ``suggest production is expected to accelerate during the second quarter'' in the area, said Michael Trebing, senior economic analyst at the bank.
Inventories at U.S. businesses rose in January as sales declined by the most in four months, suggesting limited production gains in coming months as companies try to unload existing stockpiles, a government report last week showed.
Companies have also been reining in spending on equipment. A gauge of demand for business equipment dropped by the most in three years during January, while investment in equipment and software fell last quarter by the most since the final three months of 2002.
The U.S. economy may grow at a 2.4 percent annual rate this quarter, and pick up to 3 percent by year's end, according to the median estimate of 75 economists surveyed by Bloomberg News from March 1 to March 7.
The Fed's rate-setting Open Market Committee next meets March 20-21. Economists forecast the Fed to keep the benchmark lending rate at 5.25 percent.
To contact the reporter on this story: Joe Richter in Washington at Jrichter1@bloomberg.net
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