U.S. industrial production expanded in February, the fourth straight month of increases, beating economist forecasts as manufacturing and mining output both grew for the second consecutive month, the Federal Reserve reported Monday.
The headline number understates the strength of the underlying report. Business equipment output rose for the fourth straight month, extending a capex boom that has lifted the index 6.4 percent above its year-earlier level — the strongest year-over-year gain of any major market group in the report.
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