Manufacturing production in the U.S. dropped in March even as overall industrial production picked up thanks to cold temperatures driving up output by utilities.
The Federal Reserve said Friday that industrial production rose by 0.4 percent and capacity utilization climbed to 79.8 percent. The prior month’s figure industrial production estimate was revised up to a 0.3 percent gain from the earlier estimated increase of 0.2 percent. Capacity utilization was revised up to 79.6 percent from 78 percent.
Utilities production jumped by a sharp 8.4 percent thanks to colder weather. It is up 4.2 percent compared with March of 2022. Business equipment production tumbled one percent in March, the second consecutive monthly contraction in a category considered to be a bellwether for business investment. The index for construction production fell 1.8 percent after falling 0.1 percent in February. Compared with a year ago, construction production is down 2.7 percent.
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