Industrial production in the United States shot up 1.1% in February, which is the most significant gain since last October. With the industrial output rising from construction, the oil and gas fields and mining companies, the industrial production gains well exceeded Wall Street’s expectations of a 0.5% increase.
What Caused the Jump?
The Federal Reserve measures the industrial sector by rigorously analyzing the manufacturing, mining, and electric and gas utilities.
Manufacturing: Output increased 1.2%, the biggest jump since October.
Utility Output: Plummeted 4.7% on unusual warmer temperatures.
Auto Production: Increased by 3.9% in February, Recovering from its 0.2% decline the previous month.
The output of Construction Equipment: Rose 2.3%
Mining Production: Up 4.3%
In the last 12 months, the overall industrial output has risen 4.4%.