Factory output jumps 0.7% in January

[kaspersky]

The Federal Reserve said Wednesday that manufacturing production increased 0.7% in January. And output soared 1.5% in December, according to an upward revision. That was the biggest gain since December 2006.
Overall industrial production, which includes output by mines and utilities as well as factories, was unchanged in January. Industrial production was revised up in December to 1%, biggest gain in a year.
Utility output fell 2.5% last month, second straight sharp decline due to an unseasonably warm winter. That has allowed many Americans to cut back on heating their homes. Mining production also declined.
Factory output has risen 16.7% from its low point during the recession, in June 2009. It is still 7.1% below its December 2007 peak.
Two strong months of manufacturing growth are among the encouraging signs that show the economy could grow at a steady pace this year. The pickup in manufacturing coincides with five straight months of solid job growth, which has lowered the unemployment rate to 8.3%.
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