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2021-03-17 14:10:00

U.S. INDUSTRIAL PRODUCTION DOWN 2.2%

U.S. INDUSTRIAL PRODUCTION DOWN 2.2%

U.S. FRBMarch 16, 2021In February, total industrial production decreased 2.2 percent. Manufacturing output and mining production fell 3.1 percent and 5.4 percent, respectively; the output of utilities increased 7.4 percent.

The severe winter weather in the south central region of the country in mid-February accounted for the bulk of the declines in output for the month. Most notably, some petroleum refineries, petrochemical facilities, and plastic resin plants suffered damage from the deep freeze and were offline for the rest of the month. Excluding the effects of the winter weather would have resulted in an index for manufacturing that fell about 1/2 percent and in an index for mining that rose about 1/2 percent. Both indexes would have remained below their pre-pandemic (February 2020) levels.[1]

At 104.7 percent of its 2012 average, total industrial production in February was 4.2 percent lower than its year-earlier level. Capacity utilization for the industrial sector decreased 1.7 percentage points in February to 73.8 percent, a rate that is 5.8 percentage points below its long-run (1972–2020) average.

U.S. Industrial Production and Capacity Utilization: Summary

 U.S. Capacity Utilization: Summary

Market Groups

Most market groups posted losses in February, with the largest decrease of 14.5 percent coming from chemical materials as a result of the shutdowns at plants producing petrochemicals and plastic resins. Consumer energy products posted the only noteworthy increase, jumping 5.6 percent on a surge in utility output.

Industry Groups

Manufacturing output decreased 3.1 percent in February. The indexes for durable, nondurable, and other (publishing and logging) manufacturing fell 2.6 percent, 3.7 percent, and 0.5 percent, respectively. Among durables, many industries experienced decreases of between 1 and 3 percent. The largest drop, 8.3 percent, was posted by motor vehicles and parts, while the only increases were recorded by primary metals and by aerospace and miscellaneous transportation equipment. The cutback in the output of motor vehicles and parts, which reflected both a global shortage of semiconductors and the severe weather, reduced overall manufacturing output about 1/2 percent. Among nondurables, most industries recorded losses. The largest reductions occurred in those industries most affected by the weather: The indexes for chemicals and for petroleum and coal products decreased 7.1 percent and 4.4 percent, respectively.

The output of utilities increased 7.4 percent in February, as the extremely cold winter weather boosted demand for heating. Mining production decreased 5.4 percent; a drop of more than 6 percent for oil and natural gas extraction accounted for most of the loss. The index for oil and gas well drilling continued its climb with an advance of 6.4 percent, though it remained about 50 percent below its year-earlier level.

Capacity utilization for manufacturing decreased 2.3 percentage points in February to 72.3 percent. The operating rate for mining decreased 4.3 percentage points to 77.5 percent, while the operating rate for utilities increased 5.2 percentage points to 78.5 percent; both rates remained below their long-run averages.

 

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Tags: USA, INDUSTRY, PRODUCTION