US factory production rose for 6th straight time in February
WASHINGTON — U.S. factories cranked out more autos, steel and computers in February, the sixth straight monthly increase in manufacturing output.
Factory production rose a seasonally adjusted 0.5 per cent last month from January, the Federal Reserve said Friday . That followed another 0.5 per cent gain the previous month.
Factories are benefiting from greater consumer and business optimism since last fall’s presidential election. Companies are spending more on big-ticket items such as industrial machinery, and Americans are buying cars at near-record levels. Overseas growth has spurred more exports.
Mining output rose 2.7 per cent in February, spurred partly by more oil and gas drilling. Utility production plunged 5.7 per cent as unseasonably warm weather reduced the need for heating. Overall industrial production, which includes manufacturing, mining and utilities, was unchanged in February.