Production at factories, mines and utilities fell 0.5 percent in January after a 0.5 percent December increase, the Federal Reserve said yesterday. The report showed companies delayed orders and makers of autos and building materials reduced stockpiles. The figures are consistent with a prediction yesterday by the chairman of the Federal Reserve, Ben S. Bernanke, that excess inventories, especially at auto dealers, may limit production early this year. A separate report from the Philadelphia Fed showed manufacturing in the area stalled this month, and orders fell.
See "Fed Says Production Fell 0.5% in January", Reuters, The New York Times, February 15, 2007