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Industrial output steady
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February 17, 1999: 10:27 a.m. ET
Manufacturers, utilities edged higher but mine production fell in January
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NEW YORK (CNNfn) - Industrial output held steady in January as factory and utility production edged higher but mining activity fell, the Federal Reserve said Wednesday.
The report, the latest pointing to a sluggish industrial sector, was a bit weaker than economists' forecasts for a 0.1 percent increase last month. Output rose 0.2 percent in December.
The Fed, the nation's central bank, said manufacturing production edged up 0.1 percent and utility output increased 0.2 percent last month, but production at mines fell 1.8 percent.
Factories, mines and utilities ran at 80.5 percent of capacity last month, off from 80.8 percent in December, the report said.
In another report, the government said starts on new homes and apartments surged last month to the highest rate in more than 12 years, the latest sign of strength in the housing market, which has been a major factor in the economy's nearly eight-year-old expansion.
Housing starts rose 3.8 percent to an annual rate of 1.80 million units, the Commerce Department said, the highest since a rate of 1.83 million units in December 1986.
The bond market showed little reaction to the reports, with the 30-year Treasury off about a quarter point, boosting the yield to 5.35 percent from 5.34 percent late Tuesday. Bond prices and yields move in opposite directions.
In the manufacturing sector, production of durable goods such as cars and washing machines rose 0.3 percent last month, boosted by strong auto output, the Fed said in its report. Output of nondurable goods such as clothing and paper fell 0.3 percent, it said. 
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Federal Reserve
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