World News | Icy Weather Sends Industrial Production Down 2.2% Last Month

Washington, Mar 16 (AP) Severe winter weather pushed industrial production down a sharp 2.2 per cent in February, reflecting a big decline in factory output.

The Federal Reserve reported Tuesday that the sharp fall in industrial output interrupted a string of positive gains beginning in October as U.S. factories were recovering from the pandemic-induced recession of last spring.

The drop in February reflected a 3.1 per cent fall in manufacturing and a 5.4 per cent decline in mining, a category that includes oil and gas production.

The only sector showing an increase last month was utilities, where output rose by 7.4 per cent as power production increased to meet heating needs during the severe winter weather that hit much of the country in mid-February.

The weather damage disrupted the Texas power grid, resulting in millions of people going without electricity for an extended period of time. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)