WASHINGTON -- Big industry production rose by a strong 0.7 percent in February, an encouraging sign that the nation's manufacturers may be getting a stronger grip on their own recovery.
The increase in output from factories, mines and utilities came after a 0.8 percent jump in activity in January, the Federal Reserve reported today.
Last month's industrial production performance was even better than the 0.4 percent increase that some economists were forecasting. Gains were widespread in February, with production rising for automotive products, home electronics, business equipment, machinery, food products and chemicals.
"This breadth of the recovery bodes well for future production," said Daniel Meckstroth, chief economist at the Manufacturers Alliance/MAPI, a research group.
That's especially goods news for manufacturing, which was hardest hit by the 2001 recession and has had an uneven journey to get back on firm footing.
archive