US mining output slumps in February

Industrial production in the States grew more quickly than expected in February despite weakness in the mining sector.

The Commerce Department said that total output jumped at a 0.6% month-on-month pace last month (consensus: 0.4%).

However, the better-than-expected print was more than offset by a downward revision to January's print from a 0.3% drop on the month to 0.5%.

Output in mining was especially weak, falling by 1.5% against January, while factory output rose by 0.1% on the month and that from Utilities by 7.1%.

Versus a year ago, US industrial production was unchanged.