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Industrial production down in January

Posted on: Wednesday, 18 February 2009, 09:50 CST

U.S. industrial production slowed sharply in January as the recession deepened into the first quarter, the U.S. Federal Reserve said Wednesday.

Manufacturing fell 1.8 percent in the month, following a 2.4 percent decline in December. Although production is 101.3 percent of its 2002 average, production in January was 10 percent below January 2008, the Fed said.

The decline was broadly felt. Production of consumer goods fell 1.8 percent with durable goods -- goods intended to last at least three years -- including vehicle production, down 10.5 percent. Non-energy non-durable goods dropped 0.4 percent, although consumer energy products production rose 1.2 percent.

Vehicle production dropped substantially. With production slowed or stalled at U.S. automakers, motor vehicle assemblies fell 40 percent to an annual rate of 3.9 million units.

In the month, only miscellaneous manufacturing, up 0.3 percent, and output of food and tobacco products, up 0.6 percent, resisted declines, the report said. Equipment parts declined 3.1 percent, pushed by declining output in semiconductors, the Fed said.

Source: United Press International

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