A cutback in electricity and natural gas use was responsible for a 0.1% decline in U.S. industrial output for January, according to the Fed's output report. This drop was well below expectations for a 0.4% increase. However, the decline was ameliorated by a 0.4% upward revision in December output. The cause behind the decreased energy use was more clement weather in January.
The gold market seemed to ignore the report. Rebounding anyway from an earlier dip below $1,370, the metal managed to get back to the mid-low 1370s before the report was released. It was good for at most an upward blip.
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