Industrial production rose by 0.1 percent last month. However, manufacturing production fell by 0.4 percent – its second month of decline.
February’s drop in manufacturing production, along with a disappointing jobs report, added to analysts’ concerns of an overall economic slowdown in the early first quarter.
According to CNBC, both the fading effects of last year’s $1.5 trillion tax cut package as well as the trade war between the U.S. and China are contributing to the slowdown in manufacturing activity.
| Feb. 2019 | % change vs. Jan. 2019 | Jan. 2019 | Dec. 2018 | Nov. 2018 | |
|---|---|---|---|---|---|
| Manufacturing | 104.8 | -0.4% | 105.2 | 105.7 | 105.1 |
| Construction | 116.4 | -0.5% | 117.0 | 117.0 | 115.2 |
| Consumer Goods | 105.4 | -0.1% | 105.5 | 106.2 | 107.0 |
| Nonindustrial Supplies | 107.8 | -0.1% | 107.8 | 107.9 | 107.4 |
Sources: The Federal Reserve, CNBC