US Industrial Production rises 0.7% in February vs. 0.2% expected
- Industrial Production in the US grew at a faster pace than expected in February.
- US Dollar Index clings to marginal daily gains at around 103.50.
Industrial Production in the US expanded by 0.7% on a monthly basis in February, the Federal Reserve reported on Tuesday. This reading followed the 0.3% increase recorded in January and came in better than the market expectation for a growth of 0.2%.
"Manufacturing output rose 0.9%, boosted by a jump of 8.5% in the index for motor vehicles and parts," the Fed noted in its press release. "Capacity utilization stepped up to 78.2% , a rate that is 1.4 percentage points below its long-run (1972–2024) average."
Market reaction
The US Dollar (USD) Index holds its ground following this report and was last seen rising 0.13% on the day at 103.55.
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