Factory production in the U.S. unexpectedly declined in January by the most since May 2009, adding to evidence severe winter weather weighed on the economy.
The 0.8 percent decrease at manufacturers followed a revised 0.3 percent gain the prior month that was weaker than initially reported, figures from the Federal Reserve showed today in Washington. The median forecast in a Bloomberg survey of economists called for a 0.1 percent advance. Total industrial production dropped 0.3 percent even as utility output climbed the most in almost a year.
Logically (yeah, I know that’s dangerous), if the weather is solely responsible for this and other negative reports, we should see an incredible roar-back in March and April as manufacturers frantically work to meet the massive amount of pent-up demand throughout the economy.
Who believes that?
Then for heaven’s sake, people, stop blaming the weather for everything.