After dipping sharply in November and December, manufacturing production increased by 1.0% in January, according to the Federal Reserve.
Output: Durable and nondurable goods output rose 0.8% and 1.1%, respectively, and manufacturing capacity utilization bounced back from a 15-month low, to 77.7% in January from 77.1% in December.
Ups and downs: Manufacturing production data were led by significant growth in apparel and leather goods, nonmetallic mineral products, textiles, food and machinery, among other categories.
- Categories that contracted last month include plastics and rubber products, wood products, furniture and petroleum products.
The NAM says: “Manufacturing production once again proved its resilience despite struggles with weaker-than-desired global growth and ongoing geopolitical and economic uncertainties,” said NAM Chief Economist Chad Moutray. “Nonetheless, manufacturing production edged up just 0.3% over the past 12 months.”
In related news: Retail sales rose 3.0% in January, following lackluster November and December performance, according to the U.S. Census Bureau.
- The largest gains occurred in department stores, followed by food services, motor vehicles and parts, home furnishings stores and electronics and appliances stores.