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U.S. factory production bounced back in February, far exceeding analyst estimates and showing a key part of the economy is on track for steady growth this quarter, Federal Reserve data showed Friday.

Highlights of Industrial Production (February) Factory output increased 1.2% (est. 0.5% gain) after dropping a revised 0.2%. Total industrial production, which also includes mines and utilities, rose 1.1% (est. 0.4% rise) after a revised 0.3% decline. Capacity utilization, measuring the amount of a plant that is in use, grew to 78.1% (est. 77.7%) from 77.4%. Key Takeaways

The gain in factory output showed broad-based improvement, expanding the most since October last year as automobile production as well as oil and gas drilling rebounded, the report showed. The data

 

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