US DATA: Jan Industrial Production unch (vs median est for +0.8%)
but Sept-Dec IP were revised substantially higher. CapU was -0.1pt to
78.5%. In Jan mfg +0.7% on +6.8% motor vehicles as business and defense
eqpt jumped. But this was offset by -2.5% utilities and -1.8% mining.
Fed said “demand for heating was held down by temperatures that moved
further above seasonal norms” and this presumably affected both
utilities via home heating and mining via lifting. Fed also said large
upward revision to IP in prior mos “reflected higher output for many
manufacturing and mining industries” and notes production is now back to
95.9% of its 2007 (ie, pre-recession) average.
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