The U.S. Federal Reserve confirmed today, Friday, that manufacturing production increased by 0.1 percent last month. Data for January has been revised to show a 1.3 percent increase in manufacturing production instead of the previously reported 1 percent increase.
On a yearly basis, manufacturing production declined by 1 percent in February. Manufacturing activity, which accounted for 11.3 percent of the U.S. economy in 2022, has contracted as high borrowing costs have undermined demand for goods, which are usually purchased on credit. Additionally, spending has shifted from goods to services.
