Overall, industrial production decreased in February by 0.5%, according to the latest Weekly Chemistry and Economic Report from the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com). However, a breakdown reveals mixed results, depending on industry sector.
For example, although there was a 0.2% increase in manufacturing output, weaker performances in the mining sector (which includes oil & gas) and the utilities sector outweighed that gain. Relatively mild weather curbed demand for heating, while production in the mining sector declined 1.4%, the ACC report points out.
“Manufacturing output rose a higher-than-expected 0.2%,” the ACC report says, “indicating that the sector may be starting to stabilize.”
Primary metals, machinery, computers and electronics, appliances, electrical equipment, motor vehicles and parts, and medical equipment featured solid gains, in February, noted the report, as did apparel and petroleum refining.
At 106.3% of its 2012 average, total industrial production in February was off 1.0% Y/Y, the report says.