Data released today showed that Industrial Production in January dropped 0.6% unexpectedly. Analysts at Wells Fargo explained that not only did industrial production declined, the already modest 0.3% gain in December. They added that in both months, the weakness was in manufacturing
“Manufacturing production fell 0.9% in January amid an 8.8% drop-off in motor vehicles. Broad declines were also evident in other categories.”
“Silver linings are tough to find in this report, although a separately-reported increase this morning in the NY Fed’s Empire Index for February offers hope for a near-term rebound.”
“With January temperatures close to normal, utilities production was up just 0.4% in January. The polar vortex rolled in at the very end of the month, but mostly occurred in February suggesting this category could be a big factor in next month’s report.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.