US DATA: Jan industrial production -0.1% vs +1.2%….

US DATA: Jan industrial production -0.1% vs +1.2% Dec (was +0.8%),
putting Cap Util at 76.1%. Thus the Jan drop is not as bad as on its
face, and the rest of the drop probably reflects weather. In IP, mfg
+0.3%, mining -0.7%, utilities -1.6% (after 2 mos of surges). Ex motor
vehicles and parts, factory production rose 0.1% in Jan. Fed said
utilities dropped as “temperatures moved closer to normal after
unseasonably cold weather boosted the demand for heating in Dec.”