US industrial production reaches record high in February

U.S. industrial production has seen a significant boost, climbing to a record high in February. The increase was 0.7% from the previous month, which is much better than the predicted 0.2% growth. Manufacturing output grew by 0.9%. A major driver of this increase was a sharp 8.5% rise in production for motor vehicles and parts. When excluding motor vehicles, manufacturing still saw a 0.4% rise in output. Durable goods manufacturing, which includes items that last longer, saw a notable increase of 1.6%. While motor vehicles led the way, many other durable goods categories also reported gains. On the other hand, nondurable goods, such as food and beverages, only grew by 0.2%. Mining output increased by 2.8% after a decline in January. However, the utility sector faced challenges, with a 2.5% drop in output as both electric and natural gas utilities reported decreases. Overall, capacity utilization in the manufacturing sector has continued to rise, signaling a robust industrial landscape despite previous recession concerns.