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The Federal Reserve’s belatedly released detailed industrial production data show that real manufacturing output growth slowed in February on a monthly basis, from an upwardly revised 0.56 percent to 0.16 percent. Other revisions were generally positive as well, but too small to prevent both the durable goods and automotive sectors from extending their technical recessions to seven months each. The new statistics showed that manufacturing’s real growth in 2015 was marginally weaker (0.46 percent instead of 0.49 percent) than previously reported, and that industry’s after-inflation production remains 1.07 percent lower than when the last recession began – more than eight years ago.

Here are the manufacturing highlights of the Federal Reserve’s new release on February industrial production:

>Inflation-adjusted manufacturing production rose in February by 0.16 percent sequentially but still remained perilously close to a technical recession – a six- month cumulative decline in real output.

>Revisions were generally positive. In fact, January’s monthly rise – which was upgraded from 0.49 percent to 0.56 percent – resulted in the best sequential increase since July’s one percent. December’s after-inflation performance was revised down from a 0.18 percent shrinkage to 0.21 percent decline, but November’s fall-off was upgraded from 0.27 percent to 0.22 percent.

>All the same, technical recessions in the durable goods super-sector and the automotive sector each extended into their seventh month, with the automotive downturn its longest since an eleven-month recession from July, 2010 to June, 2011.

>The automotive sector, which has led manufacturing’s bounce-back following a deep post-financial crisis dive, saw its inflation-adjusted February production dip 0.12 percent on-month following a strong January performance that was revised up from 2.84 percent to 3.45 percent. That improvement was automotive’s best since last July’s 10.60 percent sequential surge.

>Nonetheless, in constant dollar terms, automotive production is still down 3.99 percent since July.

>Durable goods’ monthly production growth slowed in real terms in February, from a downwardly revised 0.40 percent to 0.35 percent. As a result, real durable goods output is 0.21 percent lower than at its last peak – also in July.

>According to the newest figures, overall inflation-adjusted manufacturing output grew at a slightly weaker pace in 2015 than previously reported – by 0.46 percent rather than 0.49 percent. That’s the sector’s worst annual performance since its 2.94 percent real production contraction in recessionary 2009.

>Since the last recession began, in December, 2007, real manufacturing output is still down by 1.07 percent.

>Manufacturing’s new year-on-year real production gains underwhelmed, too. The February rate was 1.82 percent, which encouragingly was higher than the upwardly revised 1.28 percent January rise. But after-inflation manufacturing output between the previous Februarys was 3.20 percent, and between the previous Januarys, 4.93 percent.

>Year-on-year constant dollar production improvements also accelerated for durable goods in February, from January’s downwardly revised 0.68 percent to 1.62 percent. But again, the annual increases for the previous Januarys and Februarys were much higher – 5.97 percent and 3.52 percent, respectively.

>Inflation-adjusted durable goods production is now 3.26 percent percent higher than when the last recession began in December, 2007 – more than eight years ago.

>Non-durable goods production in February inched down by 0.01 percent on month in inflation-adjusted terms after rising in January by an upwardly revised 0.74 percent – the fastest sequential increase since November, 2014’s 1.08 percent.

>Other revisions in the non-durables super-sector were mixed, with December’s 0.10 percent monthly real output dip revised down to a 0.16 percent decline, but November’s 0.24 percent drop upgraded to a 0.02 percent increase.

>On a year-on-year basis, 2015’s full-year inflation-adjusted non-durable goods output was revised down from 1.08 percent to 1.02 percent. That figure was much lower than the previous year’s 2.84 percent, but much higher than 2013-2014’s 0.52 percent.

>More recent non-durables year-on-year figures generally track trends in overall manufacturing and in durable goods. February’s after inflation annual gain of 2.05 percent topped January’s upwardly revised 1.97 percent. But the February increase was well below that of February, 2014 to February, 2015 (2.85 percent), and January’s gain lagged the previous January’s 3.37 percent.

>Although the non-durable goods super sector has recently begun to out-grow durable goods – reversing a pattern that had held during the current recovery – its inflation-adjusted production is still down by 6.43 percent since its pre-recession peak in July, 2007.

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