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US industrial production rebounds in February

U.S. industrial production gained 1.1% month over month in February, rebounding from an upwardly revised 0.3% decline in January thanks to gains in manufacturing and mining, the Federal Reserve said.

In annual terms, industrial production rose 4.4% in February.

Manufacturing output rose 1.2% month over month following a flat reading in the two previous months, and increased 2.5% year over year. Durables production rose 1.8%, while the nondurables index edged up 0.7%.

Mining production climbed 4.3% for the month after a decline in January, reflecting strong gains in the oil and gas sector and in coal mining. Year over year, mining output rose 9.7%

Utilities fell 4.7% in February in monthly terms, but climbed 10.5% year over year.

Capacity utilization for the industrial sector rose 0.7 percentage point to 78.1% in February from a revised 77.4% in the earlier month. The factory operating rate rose 1.3 percentage points, reaching its highest level since April 2008, but still 1.4 percentage points below its long-run average of 79.8%