U.S. Industrial Production Climbs More Than Expected In January

(RTTNews) - A report released by the Federal Reserve on Friday showed industrial production in the U.S. increased by more than expected in the month of January.

The Fed said industrial production climbed by 0.5 percent in January after jumping by an upwardly revised 1.0 percent in December.

Economists had expected industrial production to rise by 0.3 percent compared to the 0.9 percent advance originally reported for the previous month.

The bigger than expected increase by industrial production reflected a 7.2 percent spike by utilities output, as cold temperatures boosted the demand for heating.

Meanwhile, the Fed said mining output slumped by 1.2 percent and manufacturing output edged down by 0.1 percent amid a 5.2 percent plunge by motor vehicles and parts production.