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U.S. Factory Production Falls by Most Since 2009

Man Cutting in Factory

U.S. Factory Production Falls by Most Since 2009 (Bloomberg)

Factory production in the United States unexpectedly declined in January by the most since May 2009, with severe winter weather likely playing a role in holding back the economy. The 0.8 percent decrease by manufacturers followed a revised 0.3 percent gain the prior month that was weaker than initially reported, the Federal Reserve reported today. The median forecast in a Bloomberg survey of economists called for a 0.1 percent advance. Total industrial production dropped 0.3 percent, even as utility output climbed the most in almost a year. Assembly lines slowed last month as colder weather curbed production, the Fed reported. The weakness is a clear pause in a key industry that has helped to boost the U.S. economy. A pickup in capital spending and faster hiring would help to spur production gains.

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Paul Dykewicz

Paul Dykewicz is the editor of StockInvestor.com and the editorial director of Eagle Financial Publications in Washington, D.C. He writes and edits for the website, as well as edits investment newsletters, time-sensitive trading alerts and other reports published by Eagle. He also is an accomplished, award-winning journalist who has written for Dow Jones, USA Today and other publications, as well as served as business editor of a daily newspaper in Baltimore. In addition, Paul is the author of the inspirational book, "Holy Smokes! Golden Guidance from Notre Dame's Championship Chaplain." He received his MBA in finance from Johns Hopkins University, where he was a two-time president of the school's Finance Club. In addition, Paul has a bachelor's degree from the University of Michigan and a master's degree in journalism from Michigan State University. Outside of work, Paul volunteers with a faith-based organization to assist the poor in Southeast Washington, D.C., to learn personal finance skills to lift themselves out of debt.