US Factory Production Declines for First Time in Three Months
- Output dropped 0.5% in January on motor vehicles, machinery
- Mining decreased as winter weather slowed oil extraction
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US factory production decreased in January for the first time in three months, reflecting declines in the output of motor vehicles, machinery and metals.
The 0.5% decrease in manufacturing output followed a 0.1% gain a month earlier, Federal Reserve data showed Thursday. Total industrial production, which includes mines and utilities, fell 0.1% in January as severe winter weather caused pullback in mining activity.