Factory production in the United States fell in January by the most since May 2009 as winter weather slowed the economy, the Federal Reserve said.
Production fell 0.8% in January after a December decline of 0.3% that was larger than originally reported. Overall industrial production fell 0.3%, the largest drop since April 2013.
Economists surveyed by Bloomberg News expected a 0.1% decline in factory production.
"Our assumption is that this is a temporary soft patch," Guy Berger, a U.S. economist at RBS Securities Inc., told Bloomberg. "You've had pretty moderate growth in manufacturing, and I think in all likelihood that's what's going to repeat in 2014. It's important not to overreact to the weakness that you're seeing now."