February US industrial production data:
– Prior industrial production was +0.9% m/m (revised to +0.8%)
– Capacity utilization 76.7% vs 76.9% exp
– Prior capacity utilization was 77.1%
It’s a touch soft but unlikely to shift anyone’s thinking ahead of the Fed. A big draw is mining output, which fell 1.4% in Feb, compounding a 0.7% decline in Jan. But overall, any rise in manufacturing production is impressive, given the strong USD.
