INDUSTRIAL PRODUCTION BEATS EXPECTATIONS

February industrial production data is out.

Industrial production climbed 0.6% month over month in February, up considerably from January’s revised dip of 0.2%.

Economists were looking for a 0.2% rise.

“A rebound in auto output is expected to drive IP into shallow positive territory following last month’s 0.3% decline,” wrote Credit Suisse economists ahead of the report. “Factory hours worked also dropped by less in February (-0.2%) than in January (-0.7%), so it’s possible weather effects will be sequentially less of a factor this month. Weekly utility output figures point to a decline following the January spike.”

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