US industrial output edges up in February

| March 15, 2010 | 0 Comments

Figures published by the Federal Reserve today revealed a marginal rise in US industrial production in February.

According to the US central bank, industrial output rose by just 0.1% in the month and followed a 0.9% increase in January.

However, the small rise was better than the zero percent that analysts had forecast after severe snowstorms swept most of the country during the month.

The Fed said: “Production was likely held down somewhat by winter storms in the Northeast.”

However, February’s rise represented the eighth consecutive monthly increase, as utility use and mining increased.

Meanwhile, on an annual basis, output was up 1.7% compared with February 2009.

In related news, last week the Commerce Department revealed US retail sales grew unexpectedly in February by 0.3%.

Again, analysts had predicted a fall of 0.2% due to the severe icy weather during the month.

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