Industrial production in the U.S. rose by more than expected in January, indicating a strong start to the year for demand for goods from businesses and consumers.
Overall industrial production rose 0.7 percent compared with December, the third consecutive month of rising output. Compared with a year ago, industrial production is up 2.3 percent and is at the highest level in the post-pandemic era.
The monthly gain was more than twice the 0.3 percent forecast by analysts.
Manufacturing output rose 0.6 percent compared with the previous month and is 2.4 percent higher than the first month of 2024. Economists had forecast no growth for manufacturing.
Consumer goods rose 0.7 percent and is up 1.3 percent compared with January of the previous year. Business equipment production rose 0.9 percent and is up 9.3 percent compared with a year ago.
Mining production slipped 0.2 percent. Utilities output rose by 2.1 percent, reflecting the unusually harsh winter weather in much of the country.
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