Industrial Production Unchanged in January

Industrial production was unchanged in January despite an increase in factory output, the Federal Reserve said Wednesday.

The unchanged figure for output from factories, mines and utilities followed a revised 1% increase in December that was larger than originally reported.

The January reading was below economists’ projections of a 0.7% gain, Bloomberg reported.

Utility output dropped 2.5% during the fourth-warmest January on record, Bloomberg said.

Factory production, which makes up three-quarters of the total, climbed 0.7% after a revised 1.5% increase in December that was the largest in five years, Bloomberg said.

Production of automobiles and parts jumped 6.8%, while factory production excluding autos rose 0.3%.

Capacity utilization, which measures plant output, slipped to 78.5%, from 78.6% in December.

Manufacturing accounts for about an eighth of the U.S. economy and the factory sector is one of trucking’s largest and most important customers.