Industrial Production Drops Again

U.S. industrial production declined in January for a fourth consecutive month as auto and utility output plunged, Federal Reserve statistics showed today. Production at factories, mines and utilities fell 0.3% last month after falling a revised 0.5% in December, according to the Fed's statistics. Manufacturers reported production fell 0.1% last month after a 1.1% decline the month before. Car and truck production fell 4.8% in January after declining 3.4% in December.

The index of prices paid to factories, farmers and other producers rose 1.1% last month after rising 0.2% in December, the Labor Department said. Last month's increase was the largest since the index rose 1.3% in September 1990, when the Persian Gulf crisis drove up oil prices.