×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Manufacturing | Production | Factory | Output

Manufacturing Production Rises for Sixth Straight Month

Manufacturing Production Rises for Sixth Straight Month
(AP)

Friday, 17 March 2017 09:30 AM EDT

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 percent last month from January, the Federal Reserve said Friday . That followed another 0.5 percent 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 percent in February, spurred partly by more oil and gas drilling. Utility production plunged 5.7 percent as unseasonably warm weather reduced the need for heating. Overall industrial production, which includes manufacturing, mining and utilities, was unchanged in February.

Factories are emerging from a rough patch that lasted from late 2015 through most of 2016. Sharply lower oil prices hammered demand for drilling equipment, such as steel pipe, and many businesses sold off excess stockpiles, reducing new orders for factory goods.

A strong dollar, which makes U.S. products more expensive overseas, also weighed on exports and factory output for roughly the past two years. The currency's value has leveled off more recently.

Other measures of manufacturing output also show solid gains. A survey of purchasing managers found that factory activity grew in February at the fastest pace in two years, spurred by rising orders, production and overseas demand.

© Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Economy
Output at U.S. manufacturers rose in February for a sixth consecutive month, underscoring a sustained rebound in the industry.
Manufacturing, Production, Factory, Output
236
2017-30-17
Friday, 17 March 2017 09:30 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved