US: Industrial Production declined 0.3% in January vs. -0.2% expectedby Eren Sengezer
- Industrial Production in US continues to contract in January.
- US Dollar Index edges lower toward 99 handle.
Industrial Production in the US declined 0.3% in January, the data published by the Federal Reserve showed on Friday. This reading came in slightly worse than the market expectation for a decrease of 0.2%. December's reading also got revised down to -0.4% from -0.3%.
"The index for manufacturing edged down 0.1% in January; excluding the production of aircraft and parts, factory output advanced 0.3%," the publication read. "Capacity utilization for the industrial sector fell 0.3 percentage point in January to 76.8%, a rate that is 3.0 percentage points below its long-run (1972–2019) average."
The US Dollar Index edged lower on the disappointing data and was last down 0.07% on the day at 99.03.