U.S. industrial production jumps in January on demand for heating

[mahatmakanejeeves]

Source: MarketWatch

Economic Report

U.S. industrial production jumps in January on demand for heating

Last Updated: Feb. 16, 2022 at 9:35 a.m. ET
First Published: Feb. 16, 2022 at 9:29 a.m. ET

By Greg Robb
Total industrial production up 1.4%, utility output up 9.9%

The numbers: Industrial production surged 1.4% in January, after a slight 0.1% decline in the prior month, the Federal Reserve reported Wednesday.

The gain was well above Wall Street expectations of a 0.5% gain, according to a survey by The Wall Street Journal.

Capacity utilization jumped to 77.6% in January from 76.6% in the prior month. The capacity utilization rate reflects the limits to operating the nation’s factories, mines and utilities. It is the highest rate since early 2019.

Economists had forecast a 76.7% rate.

{snip}

Read more: https://www.marketwatch.com/story/u-s-industrial-production-jumps-in-january-on-demand-for-heating-11645021744

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Hat tip, CNBC

ECONOMY
Retail sales surge 3.8% in January, much more than expected amid inflation rise
PUBLISHED WED, FEB 16 20228:32 AM ESTUPDATED 5 HOURS AGO
Jeff Cox
@JEFF.COX.7528
@JEFFCOXCNBCCOM

https://www.cnbc.com/2022/02/16/retail-sales-january-2022.html

{snip}

A separate report Wednesday showed that industrial production jumped 1.4% in January, much higher than the 0.5% forecast. Capacity utilization increased 1 percentage point to 77.6%, its highest since March 2019.

Also, inventories rose 2.1% in December, in line with expectations. The National Association of Home Builders index for February came in at 82, also in line with estimates but a slight decline from January.

[hot2na]

1. The Biden economic boom continues

The media narrative of inflation, inflation, inflation, is running out of steam as most other indicators are booming. How does the narrative that inflation is hurting the economy square with the fact that consumer spending is up, retail sales are up, salaries are up just to name a few.

[peppertree]

4. "Fake news! Those nummers are cooked!!"

[NullTuples]

2. I'm confused; is energy a subset of industrial production?

Because if these numbers are due to a cold winter and record profits for say, Coal and Natural gas companies...that's actually not good news.

[IronLionZion]

3. Factories, mines, and utilities

[peppertree]

5. Worth noting also that it's up 4% from year-ago levels

During Needy Amin's 4 years, it rose just 0.7% - and just 1.3% in his first 3 years (before the pandemic).