US industrial production increased 0.7% MoM and 1.4% YoY in February, up from the downwardly revised January increase of 0.3% MoM (vs 0.5% MoM first estimate).

• Manufacturing production jumped 0.9% MoM (vs 0.3% MoM expected) and was up 0.7% YoY, slower than the 1.2% YoY increase in January.
• Business equipment production increased 1.6% MoM while consumer goods production was only up 0.2% MoM.
• Capacity utilization increased 0.5 ppts to 78.2%, above the expectations of a rate of 77.8%.
• The mining capacity utilization rate increased 2.4 ppts to 90.3% which is 3.8 ppts above the long-run average.