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The numbers: U.S. industrial production was flat in February, the Federal Reserve reported Friday.
The unchanged reading was in line with economists expectations, according to a survey by The Wall Street Journal.
Output rose a revised 0.3% in January, revised up from the initial estimate of a flat reading, but there were deep declines in November and December.
Key details: Manufacturing output downshifted to a slim 0.1% rise in February after a strong 1% gain in the prior month.
Motor vehicles and parts output fell 0.3% after a 0.6% jump in January. Excluding autos, total industrial output was unchanged.
Utilities output rose 0.5% in February. Mining output, which includes oil and natural gas, fell 0.6% after a 2% gain in the prior month.
Big picture: The softness in manufacturing is expected to continue as interest rates have moved higher. Credit conditions are expected to tighten in the wake of the worries surrounding regional banks.
Market reaction: Stocks
DJIA,
SPX,
were set to open lower on Friday. The yield on the 10-year Treasury note
TMUBMUSD10Y,
fell to 3.47%.
