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US industrial production slips 0.1% in January

U.S. industrial production slipped 0.1% month over month in January following a downwardly revised 0.4% increase in December 2017, as mining output fell while manufacturing activity was unchanged, according to data from the Federal Reserve.

The January industrial production index came in at 107.2, down from a revised reading of 107.3 in the previous month. Year over year, industrial production rose 3.7% in January.

For the second consecutive month, manufacturing output was virtually unchanged on a monthly basis in January, but was up 1.8% from a year ago. Durables production rose 0.2%, the nondurables index was flat, while publishing and logging output declined 1.4%.

Mining production decreased 1.0% in January from the previous month, with all major component industries posting losses. In annual terms, mining output jumped 8.8%, driven by strength in the oil and natural gas sector.

The monthly output growth of utilities eased to 0.6% in January after a 4.6% increase in December 2017. The utilities index jumped 10.8% year over year.

Capacity utilization for the industrial sector fell to 77.5% in January from a revised 77.7% in the prior month. The current rate is 2.3 percentage points below its long-term average of 79.8%.