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Industrial output suffers setback south of the border

WASHINGTON, D.C. -- Industrial production in the U.S. fell in January by 0.5%, which is the largest amount in 17 mo...


WASHINGTON, D.C. — Industrial production in the U.S. fell in January by 0.5%, which is the largest amount in 17 months, reported the Toronto Star.

Following a 0.5% increase in December, the U.S. Federal Reserve Board announced the January decline in industrial output was a reflection of a decline in the auto industry. Output in the manufacturing sector declined 0.7% in January; about one-half of the decrease was a result of a drop of 6 percent in motor vehicles and parts.

The board also reported the rate of capacity utilization in January fell 0.6 percentage points, to 81.2%. Despite the decline, capacity utilization is 0.1 percentage points above its year-earlier level and 0.2 percentage points above its 1972-2006 average.

The U.S. Department of Labor reported jobless claims rose to 357,000 for the week ending Feb. 10. The one-week increase of 44,000 claims is the largest rise in claims since a one-week span in September 2005.

— with files from the Toronto Star


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