US industrial production falls short of forecasts in February

US industrial production eked out just a small gain last month, with output in manufacturing hit by a slide in business equipment.

According to the Department of Commerce, industrial production in the States edged up in February at a 0.1% month-on-month pace, with revisions to data for October and January largely offsetting each other.

In comparison to one year ago, production was 3.5% higher.

Economists had anticipated a 0.3% increase in industrial production versus January.

Construction and business equipment output were especially weak, falling by 0.5% and 1.0%, respectively.

All told, manufacturing production was down by 0.4% on the month after a 0.5% drop in January.

Output in mining on the other hand continued to expand, albeit at a more moderate pace, increasing by 0.3%, while that in utilities jumped by 3.7%.

Meanwhile, the rate of industrial capacity used slipped from 78.3% for January to 78.2% in February, falling short of forecasts for a reading of 78.6%.