Summary: US industrial output up 1.4% in January, considerably higher than 0.4% expected; up 4.1% over past 12 months; “flattered” by higher utility production as cold weather hits; capacity utilisation rate up 1.0 ppt to 77.6%; above February 2020 figure, still short of long-term average. The Federal Reserve’s industrial production (IP) index measures real output from manufacturing, mining, electricity and gas company facilities located in the United States. These sectors...