P.M. BRIEFING : Factory Use Rate Drops to 84.3%
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WASHINGTON — The operating rate at U.S. factories, mines and utilities eased in February to 84.3% of capacity, the first decline since last September, the government reported today.
The Federal Reserve Board said February’s operating rate dropped 0.2 percentage point from January’s 84.5% level, a point that had not been surpassed in nearly a decade.
The closer factories get to full capacity, the greater the fear they will have trouble producing enough goods to meet demand, leading to shortages and price increases. The Fed for a year has been nudging up interest rates in an effort to slow economic growth and thus restrain inflation.
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