U.S. factory output flat for second straight month
The Federal Reserve said that production fell in wood products, aircraft and a category including concrete and glass. Yet factories also cranked out more cars and computers.
Manufacturers posted a solid year in 2017, expanding production and adding nearly 200,000 jobs. A cheaper dollar and healthy economies overseas boosted exports, while stepped up consumer spending in the U.S. lifted domestic sales. The past two months' readings suggest, however, that factory production has slowed in the new year.
Overall industrial production, which includes mines and utilities, slipped 0.1 percent. Mining production fell 1 percent, while utility output climbed 0.6 percent.
Other recent data point to healthy manufacturing growth, a sign production may turn up in the coming months.
A survey of purchasing managers found that factory activity expanded rapidly last month, though at a slightly slower pace than in December. New orders and production rose, but also more slowly than in December.
And a separate government report showed that orders for long-lasting manufactured goods, such as autos and appliances, jumped in December. ■