US industrial production likely rose 0.3% in January – Nomura

By FXStreet Research Team at Nomura, believes that the US industrial production rose by 0.3% in January.

Key Quotes

“The ISM manufacturing survey has been in contraction territory for four straight months. As such, we forecast that manufacturing production remained tepid in January. In addition, we expect a decline in vehicle production in January based on WardsAuto data. The BLS reported that aggregate hours worked in the mining industry fell in January.

As such, we expect a fifth consecutive month of decline in mining production in January, as the industry continues to deal with the low energy prices. On the flip side, total production likely saw a boost from colder weather conditions in January (relative to December). As such, we believe that there was more heating demand in January, which likely led to higher utilities production.”
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Source:: FX Street