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Manufacturing Production Declines

After rising the previous two months, manufacturing output declined in January, according to the Federal Reserve.

What’s going on: Manufacturing production last month declined 0.5%, while overall industrial output edged down 0.1%.

  • Year-over-year, manufacturing production has fallen 0.9% since January 2023, and manufacturing capacity utilization decreased to 76.6% from 77.1%, the lowest in nearly three years.

Durable and nondurable: Nondurable goods production declined 1.1% in January, while durable goods inched up 0.1%.

What increased: However, seven major manufacturing industries saw higher production last month. These are:

  • Printing and related support activities (up 1.6%), aerospace and miscellaneous transportation equipment (up 1.5%), electrical equipment, appliances and components (up 1.5%), computer and electronic products (up 0.9%), fabricated metal products (up 0.4%), apparel and leather products (up 0.2%) and furniture and related products (up 0.1%).
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