US MARCH INDUSTRIAL OUTPUT DOWN 0.2 PCT VS UP 0.1 PCT EXPECTED

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US MARCH INDUSTRIAL OUTPUT DOWN 0.2 PCT VS UP 0.1 PCT EXPECTED

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Output from US factories, mines and utilities unexpectedly fell in March as utility production reversed the surge in February and capacity utilization fell slightly, the Federal Reserve said today.

Output in February fell 0.2 pct after rising a revised 0.8 pct in March, while factories were using 81.4 pct of their capacity, two ticks below February s 81.6 pct.

The unexpected fall in total output stemmed from a 7.0 pct drop in utility output, reversing the 7.6 pct surge in February.

Economists had expected output to increase 0.1 pct in March while predicting 81.9 pct capacity utilization.

Output in February was revised to a 0.8 pct rise, compared with a 1.0 pct rise previously estimated. Capacity utilization was revised to 81.6 pct in February, down from the earlier estimate of 82.0 pct.

The Federal Reserve keeps a close watch on the operating rate to see if it is approaching levels where bottlenecks could develop and threaten to boost inflationary pressures.

Capacity utilization is now at a level 0.4 percentage points above the average of the past 30 years.
Manufacturing production rose 0.7 pct in March, while mining output rose 0.1 pct.

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