U.S. industrial production drops for fourth straight month

WASHINGTON, March 16 (Chinese media) -- U.S. industrial production fell by 1.4 percent in February, the fourth consecutive monthly drop and slightly worse than the 1.2 percent decline expected by analysts, the Federal Reserve reported Monday.

The bigger-than-expected drop in overall industrial production, an indicator of the output of mines, factories and utilities, followed a bigger decrease of 1.9 percent in the previous month.

The U.S. central bank's report showed that manufacturing output declined 0.7 percent last month after having dropped by 2.7 percent in January, as production at the nation's auto plants rose sharply after extended shutdowns in the previous month.

Production at auto plants and auto parts manufacturers advanced by 10.2 percent in February, following four straight months of declines.

Mining output, a category that includes oil and natural gas production, was down 0.4 percent in February, compared with the 1.0 percent drop in January.

Output at the nation's utilities, meanwhile, plunged by 7.7 percent, in contrast to a 2.6 percent rise in January, reflecting warmer-than-normal weather in February which cut into demand.

The overall operating rate for manufacturing, mining and utilities was 70.9 percent of capacity last month, a rate below its year-earlier level of 80.7 percent and its 1972-2008 average of 80.9 percent. The February rate was down from the 71.9 percent rate in the previous month.