Summary: US industrial output up 0.5% in February; in line with expectations; up 7.5% over past 12 months; utility output slows, non-auto manufacturing strong, auto manufacturing falls for third straight month; capacity utilisation rate up 0.3ppt to 77.6%; 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 are thought...