USA: manufacturing output growth picking up sharply

  • Total industrial production dropped by 0.1% m-o-m in February, due to a fall in the most volatile component (utilities)
  • However, manufacturing production was up 0.4% and January’s number was revised sharply up
  • As a result, growth in manufacturing output bounced back sharply over the past few months, consistent with what was suggested by recent ISM data

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